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. Consequently, on Feb. 10, 2020, S&P Global Ratings affirmed its 'BB-' ratings on A.I. Candelaria Spain's $700 million senior secured notes. OCENSA's cash flows are stable, given that most of its capacity is contracted with strong counterparties. In addition, we have a favorable view of Colombia's regulatory framework for the energy industry. These factors allow the company to
