...- Engie Energia Chile (Engie Chile) intends to issue up to $500 million senior unsecured notes due 2034. The company will use the proceeds to refinance the $350 million of senior secured debt due 2025 and for other corporate purposes. - The transaction will ease liquidity pressures in early 2025 and will improve the weighted average tenor of the debt. Moreover, we anticipate Engie Chile will maintain adjusted leverage around 4.5x in the next two years, in line with our previous forecast. - We therefore affirmed our '###' ratings on Engie Chile and its existing debt and assigned a '###' issue rating to the proposed $500 million senior unsecured notes. The company's stand-alone credit profile (SACP) remains '##', and we continue to view it as a strategically important subsidiary of Engie S.A. (Engie; ###+/Stable/A-2). - The stable outlook on Engie Chile incorporates our view of its importance to its parent, along with our expectations that the company's sources of cash will remain at least...
