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S&P affirms Viesgo Holdco
S&P said it affirmed its BBB-/A-3 long-term and short-term issuer credit ratings on Viesgo Holdco SAU.
The outlook is stable.
The agency said the affirmation follows the announcement that Repsol SA (BBB/stable/A-2) has agreed to buy all of Viesgo Generacion's power generation assets – with the exception of coal – and supply assets for about €750 million.
“The transaction should be beneficial for the group, in view of Repsol's stronger credit quality,” S&P said in a news release.
“After the sale, the VIE group will mainly comprise Viesgo Holdco, which we estimate will generate about 90% of consolidated EBITDA, up from about 75% in 2017.
“Overall, the transaction does not affect Viesgo Holdco's credit quality, which remains insulated from the rest of the group.”
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