S&P rates Solaben bonds BBB

Standard & Poor’s said it assigned a preliminary BBB long-term issue credit rating to the proposed €285 million fixed-rate senior secured bonds due 2035 to be issued by Solaben Luxembourg SA.

The outlook is stable.

The issuer will on-lend the net proceeds of the bonds to Solaben Electricidad Uno SA and Solaben Electricidad Seis SA under issuer-borrower loan agreements to refinance the construction of Solaben 1 and 6, two 50 megawatt solar thermal plants with parabolic trough technology based in Spain, S&P said.

Solaben 1 and 6 entered into commercial operation in the summer of 2013, the agency said. The operations and maintenance of each solar plant is being carried out under agreements between Solaben Electricidad Uno, Solaben Electricidad Seis and Abengoa Solar Espana SA, S&P said.

The ratings reflect the group’s strong financial performance, the agency said.

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