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
