BUENOS AIRES (S&P Global Ratings) May 2, 2019--S&P Global Ratings said today that its 'BB-' issue-level rating on Spain-based holding company A.I. Candelaria Spain (Candelaria) is not affected following the proposed add-on to its senior secured notes due July 2028. Candelaria intends to add $50 million to its 7.50% $650 million notes that we rated in October 2018. The company plans to use the proceeds from the add-on to fund the debt service reserve account required for the incremental amount, pay fees and expenses related to the issuance, and pay dividends to the company's shareholders. We continue to expect stable and more than sufficient dividend flows from the underlying asset, OCENSA, to Candelaria to meet operating and financial expenses. These
