World set to install 593 GW of new solar in 2024 - Ember
Sep 19, 2024 13:28 CESTMoody's America Latina Ltda on Friday upgraded the corporate family ratings of Brazil-based Statkraft Energias Renovaveis SA (former Desenvix) to Ba3/A1.br from B1/Baa1.br and changed the outlook to negative from developing.
The upgrade stems from the material reduction in the company's consolidated debt and the implicit support of its major shareholder Norway's Statkraft AS (rated Baa1, stable).
Moody's forecasts that consolidated credit metrics will significantly improve over the next two years as a result of the prevailing high operating margins associated with materially lower debt than in the recent past and Moody's expectations that capital expenditures will be restricted to maintenance levels up to mid- 2017.
The negative outlook primarily reflects the negative outlook on Brazil's Ba2 sovereign rating.
An upgrade rating action is unlikely over the short term, Moody's says.
The ratings agency would consider a downgrade rating action if the company's credit metrics do not improve as expected, or its liquidity is perceived as deteriorating. A downgrade of Brazil's sovereign rating could also prompt a downgrade action.
Statkraft Energias Renovaveis is 81.3% owned by Statkraft Investimentos Ltda. Pension fund FUNCEF holds the remaining 18.7%.
The Brazilian unit of Statkraft holds interests in 14 power plants with a total installed capacity of 316 MW consisting of 10 small and medium sized hydro-power plants (188MW) and 4 wind power plants (128 MW). Statkraft Energias Renovaveis also renders operating and maintenance services to power plants and electric systems through its subsidiary Enex O&M de Sistemas Eletricos Ltda.
World set to install 593 GW of new solar in 2024 - Ember
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