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Global Credit Research - 12 Oct 2010
About USD600 million bonds due 2017 to be issued
Frankfurt am Main, October 12, 2010 -- Moody's Investors Service has today assigned a (P)Ba3 (LGD3, 47%)
rating to the proposed USD600 million senior notes due 2017 that are to
be issued by Abengoa Finance, S.A.U. and guaranteed
by Abengoa S.A.
The Ba3 CFR for Abengoa S.A. reflects the combination of
its well-established industrial operations and a diversified portfolio
of concessions in the energy, water treatment and industrial services
sectors. Together, the two segments benefit from the underlying
growth in environmental applications, (renewable energies,
industrial recycling and electrical power transmission), and the
visibility that regulated returns generally provide. These factors
have allowed Abengoa to develop a track record of solid growth and robust
margins. Compared to these positive operating trends, Moody's
sees the relatively immature concession portfolio with significant investments
requirements as a burden to the group. While relatively diversified
by industry and region, a large part of the 50 units portfolio had
not yet commenced operation at FYE2009 and dividend distributions to Abengoa
were marginal so far. Moody's understands that the proceeds
of the notes issuance will be used to extend debt maturities and repay
revolving credit facility initially, so that leverage should not
materially be affected.
Moody's maintains its guidance for the stable outlook on Abengoa's
rating which reflects the expectation that (i) Abengoa will sustain its
sound market position across business segments, with a resilient
operating performance through the cycle; and (ii) projects under
concessions and disciplined capital spending will boost the earnings contributions
from this portfolio going forward. As a result, the rating
agency would expect Abengoa to reduce the reported gross debt/EBITDA (including
R&D expenses) ratio of its non-concession segments to below
4.5x (5.2x as of 2009), and the net debt/EBITDA ratio
of the group overall including limited-recourse debt to below 6.0x
(as adjusted by Moody's, 7.1x as of 2009).
The proposed notes of Abengoa Finance, S.A.U.,
a newly created company, will be guaranteed by Abengoa S.A.
and the same operating subsidiaries of the group that guarantee the outstanding
bonds of Abengoa plus by eight new regional subsidiaries. This
structure creates, in Moody's view, a credit profile
comparable to the outstanding bonds with no material impact attributed
to the new guarantors, because of their regional focus and limited
scale. The Ba3 (LGD3, 47%) rating of the notes reflects
the application of Moody's Loss Given Default methodology (LGD),
wher they are ranked at the top, together with the existing senior
bonds, syndicated loans and the working capital facilities of Abengoa's
Abengoa S.A. is a vertically integrated environment and
energy group whose activities span from biofuels, metal recycling
and plant engineering to utility type operation of solar energy plants,
electricity transmission networks and water reatment plants. Headquartered
in Seville, Spain, Abengoa generated EUR2.8 billion
revenues in the first half 2010.
The principal methodology used in rating Abengoa Finance, S.A.
was Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA rating methodology
published in June 2009 and Global Heavy Manufacturing rating methodology
published in November 2009. Other methodologies and factors that
may have been considered in the process of rating this issuer can also
be found on Moody's website.
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, confidential and proprietary Moody's
Investors Service's information.
Moody's Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of assigning
a credit rating.
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Please see ratings tab on the issuer/entity page on Moodys.com
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Frankfurt am Main
Senior Vice President
Corporate Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Eric de Bodard
MD - Corporate Finance
Corporate Finance Group
Moody's France SAS
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Moody's Deutschland GmbH
Moody's assigns (P)Ba3 to Abengoa's proposed bond issue
An der Welle 5
Frankfurt am Main 60322
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