...SAO PAULO (S&P Global Ratings) Oct. 11, 2018--S&P Global Ratings assigned its '##-' issue-level rating to A.I. Candelaria Spain's (Candelaria) proposed senior secured notes for up to $650 million. The rating on Candelaria's new senior secured notes incorporates the share pledge that consists of 100% of its equity interests in OCENSA, and no additional debt at the level of Candelaria. We expect Candelaria to use the proceeds of the issuance to fund the debt service reserve account of this issuance, repay the existing senior secured loan at its parent A.I. Candelaria Luxemburg (not rated), and to pay an extraordinary dividend to the A.I. Candelaria Luxemburg shareholders. Candelaria is a Spain-based holding company with the sole purpose of owning a 22.352% non-controlling stake in Oleoducto Central S.A. (OCENSA; ###-/Stable/--). OCENSA owns and operates Colombia's main crude oil pipeline that extends from the Llanos and Magdalena basins to the port of Cove±as, a crude oil export facility....