S&P ends observation on FSL

S&P said it affirmed FSL Issuer SAU’s S&P underlying rating (SPUR) BB debt rating with a negative outlook and removed it from under criteria observation. The agency affirmed its AA issue rating on the senior secured debt. The outlook remains stable, reflecting the outlook on the monoline insurer, Assured Guaranty (Europe) SA.

S&P published its revised criteria for project finance and its sector-specific project finance ratings on Dec. 14.

“Our revised criteria do not change in themselves our view on the project's credit quality; however, we have applied slightly revised scoring under our revised methodology. As a result of our analysis, we therefore affirmed our BB SPUR and removed it from under criteria observation,” the agency said in a press release.

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