Moody's assigns SAEL notes Ba3

Moody's Investors Service said it assigned a (P)Ba3 rating to the planned dollar-denominated senior secured notes to be issued by SAEL Ltd. and its five subsidiaries.

SAEL and its co-issuers will form a restricted group after an organizational restructuring. "The (P)Ba3 rating of the proposed notes reflects the credit quality of the RG, which, in turn, is supported by its predictable cash flow from a diversified renewable portfolio with long-term power purchase agreements (PPAs)," said Yong Kang, a Moody's analyst, in a press release.

The proceeds will be used to refinance debt and fund capital spending for the RG and other corporate purposes.

The outlook is stable.

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