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TermoEmcali Funding Corp. Jul 07 Product Image

TermoEmcali Funding Corp. Jul 07

  • Published: July 2007
  • Standard & Poors

FEATURED COMPANIES

  • TermoEmcali Funding Corp
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Abstract
The 'CCC+' rating on Colombian power generator TermoEmcali Funding Corp.'s US$153.7 million restructured senior secured notes mainly reflects the company's dependence on its majority owner Emcali's ability to honor payment obligations under the tranche E notes. The notes, which were restructured in 2004, will be amortized in monthly installments, with a final maturity on Dec. 31, 2019. The rating on the restructured notes reflects the following weaknesses: A high degree of uncertainty about Emcali's ability and willingness to make payments to TermoEmcali; Emcali's historical financial vulnerability, as well as the absence of recent signs of any significant financial improvement; A security package for a project finance transaction that only includes a cross-default clause with all the other restructured debt; and...

Companies mentioned in this report are: TermoEmcali Funding Corp
Action: Review

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TermoEmcali Funding Corp

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