A.I. Candelaria Spain's $700 Million Senior Secured Notes Affirmed At 'BB-' On New Shareholders

A.I. Candelaria Luxembourg announced it has completed the sale of its shares in A.I. Candelaria Spain to I Squared Capital (ISQ, not rated) and Grupo Romero (GRIO, not rated) in equal stakes (50% each). As there is no controlling entity, we view this transaction as neutral from a credit standpoint, because none of the new sponsors would individually direct the company's strategy. SAO PAULO (S&P Global Ratings) Feb. 10, 2020--S&P Global Ratings affirmed its 'BB-' ratings on A.I. Candelaria Spain's $700 million senior secured notes. Upon the announcement that A.I. Candelaria Luxembourg sold all of its shares in A.I. Candelaria Spain to ISQ and GRIO, we affirmed our 'BB-' issue ratings on the 2028 notes. To acquire the shares of

...February 10, 2020 - A.I. Candelaria Luxembourg announced it has completed the sale of its shares in A.I. Candelaria Spain to I Squared Capital (ISQ, not rated) and Grupo Romero (GRIO, not rated) in equal stakes (50% each). - As there is no controlling entity, we view this transaction as neutral from a credit standpoint, because none of the new sponsors would individually direct the company's strategy. - SAO PAULO (S&P Global Ratings) Feb. 10, 2020--S&P Global Ratings affirmed its '##-' ratings on A.I. Candelaria Spain's $700 million senior secured notes. Upon the announcement that A.I. Candelaria Luxembourg sold all of its shares in A.I. Candelaria Spain to ISQ and GRIO, we affirmed our '##-' issue ratings on the 2028 notes. To acquire the shares of A.I. Candelaria Spain, ISQ established an acquisition vehicle in Luxembourg (ISQ Booster Acquisitions) and GRIO in the U.K (Elystan Capital Holding Limited). We view this transaction as neutral from a credit standpoint for our ratings on A.I....

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