Abengoa Transmision Sur 'BBB-' Debt Rating Affirmed On Parent's Reorganization, Outlook Still Stable

During the second quarter of 2014, Abengoa S.A. (B+/Stable/B), the former controlling shareholder of Abengoa Transmision Sur S.A. (ATS or the project), announced a new corporate structure and transferred its indirect stake in the project to Abengoa Yield PLC (BB+/Stable/--). In July 2015, the group sold an additional stake in Abengoa Yield, detaining 49.05% of its stake. As a result, Abengoa indirectly lost control of ATS, while its operator, Omega Peru Operación y Mantenimiento S.A., was no longer defined as an affiliate company. We view the transaction as neutral from a credit perspective for ATS. So we affirmed our 'BBB-' rating on the project's senior secured bonds. The stable outlook reflects the stability of the cash flow that the concession

...+ During the second quarter of 2014, Abengoa S.A. (B+/Stable/B), the former controlling shareholder of Abengoa Transmision Sur S.A. (ATS or the project), announced a new corporate structure and transferred its indirect stake in the project to Abengoa Yield PLC (##+/Stable/--). + In July 2015, the group sold an additional stake in Abengoa Yield, detaining 49.05% of its stake. As a result, Abengoa indirectly lost control of ATS, while its operator, Omega Peru Operaci=n y Mantenimiento S.A., was no longer defined as an affiliate company. + We view the transaction as neutral from a credit perspective for ATS. So we affirmed our '###-' rating on the project's senior secured bonds. + The stable outlook reflects the stability of the cash flow that the concession contract provides, which should result in an average debt service coverage ratio (DSCR) of 1.35x and minimum of 1.27x through the bonds' term. SAO PAULO (Standard & Poor's) Sept. 9, 2015--Standard & Poor's Ratings Services affirmed its...

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