Fitch moves Marcona view to positive

Fitch Ratings said it revised the outlook for the $250 million of senior secured notes issued by Parque Eolico Marcona SAC and Parque Eolico Tres Hermanas SAC to positive from stable and affirmed the BBB- on the notes. The outstanding balance is $221.1 million.

“The positive outlook reflects Fitch's expectation of a stronger credit profile of the transaction resulting from potential expense reductions that may take place in the coming months, coupled with observed high availability rates and power production continuously performing around Fitch's base case, which considers a P50 scenario. Lower expenses are expected following the replacement of the current operator that might occur in the coming months. Should the expense reductions materialize, Fitch forecasts that transaction metrics would be commensurate with a higher rating,” the agency said in a press release.

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