Fitch Issues New Issue Report for ATS's $432MM Series 2014-1 Senior Secured Notes

NEW YORK--()--Link to Fitch Ratings' Report: Abengoa Transmision Sur S.A. (Power Transmission Line Project)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749998

Fitch Ratings has issued a New Issue report for Abengoa Transmision Sur S.A.'s (ATS) $432 million series 2014-1 senior secured notes. Fitch issued a press release for the notes on April 21, 2014, assigning a 'BBB-' rating. The Rating Outlook is Stable.

ATS consists of three sequential 500kV transmission lines and three new substations, extending along 883 km (approximately 550 miles). The transmission line connects the Chilca substation, located nearly 60 km (approximately 37 miles) south of Lima to the Poroma, Ocona, and Montalvo substations in southern Peru, along with two short 220kV transmission lines linking to existing substations.

The project operates under a 30-year concession agreement, granted by the government of Peru through the Ministry of Energy and Mines (MINEM). The concession agreement was granted on April 30, 2010, executed on July 22, 2010 (the concession date), and commenced on Jan. 17, 2014 (commercial operation date).

Abengoa S.A. (Abengoa), rated 'B+'/ Outlook Stable by Fitch, is the primary sponsor of the transaction through two of its subsidiaries: Abengoa Transmision Norte S.A. and Abengoa Concessions Peru S.A. who together own 61.1% of ATS. The Spanish development bank, COFIDES, is the other project sponsor, holding the remaining 38.9% of the equity through its fund for foreign investment (FIEX).

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--Rating Criteria for Availability-Based Projects (June 2013)

--Rating Criteria for Infrastructure and Project Finance (July 2012)

Applicable Criteria and Related Research:

Rating Criteria for Availability-Based Projects

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=710784

Rating Criteria for Infrastructure and Project Finance

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=682867

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Contacts

Fitch Ratings
Primary Analyst
Benjamin Tano, +1 212-612-7822
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Alberto Santos, +1 212-908-0714
Senior Director
or
Committee Chairperson
Yvette Dennis, +1 212-908-0668
Senior Director
or
Media Relations:
Elizabeth Fogerty, +1 212-908-0526
elizabeth.fogerty@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst
Benjamin Tano, +1 212-612-7822
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Alberto Santos, +1 212-908-0714
Senior Director
or
Committee Chairperson
Yvette Dennis, +1 212-908-0668
Senior Director
or
Media Relations:
Elizabeth Fogerty, +1 212-908-0526
elizabeth.fogerty@fitchratings.com