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Standard & Poors assigns 'brBBB-' rating to Abengoa Concesiones Brasil Holding

December 24, 2008

CanalEnergia Agency, Companies

Standard & Poors has given Abengoa Concesiones Brasil Holding a credit rating of ‘brBBB-’ with a positive outlook. According to the risk assessment agency, the rating given is based on the fact that Abengoa Concesiones is a newly created company, despite the fact that the Spanish group Abengoa has been operating in Brazil for more than 40 years. S&P believes that if the company increases the flow of dividends and maintains its cautious financial policy, the rating could rise to ‘brBBB’.

Nevertheless, “if a recently constructed project or a project in progress should endanger the prospects for future dividends, or in the event that the company needs significant future financial contributions, which represent a significant increase in Abengoa’s debt, the rating outlook could change or even be lowered to ‘brBB’”.

The agency also pointed out that the company has not audited its consolidated financial statements and its operating subsidiaries have a history of issuing a low volume of dividends, as well as comprising three companies.

According to Standard & Poors, the volume of investment for the next few years includes five projects under construction with a combined investment of approximately $900 million, as well as three projects to interconnect the electricity plants in the Río Madeira hydroelectric complex (RO, 6,450 MW). “From the point of view of Concesiones, which is owned by Abengoa, the company had a cash position of $274 million in October 2008”, reports the company.

S&P Report

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