Scope keeps BBB- credit rating on BioEnergie Taufkirchen's 2013 bond

Jul 10, 2014 - Rating agency Scope Ratings has reiterated the BBB- credit rating on the 2013 bond of German biomass company Bioenergie Taufkirchen GmbH and reduced the outlook to "stable" from "positive".

The rating confirmation was based on the stabilised operating business of the company and excessive collateralisation of its bond. Agreed electricity sales and the company's business model will ensure a stable cash flow, Scope said in a statement.

According to the analysts, the EUR 15 million (USD 20.4m) bond due in 2020 is backed by a comprehensive security concept including parts of a biomass plant, part of the company's district heating grid and liquidity reserves of EUR 975,000 which is equal to one interest payment on the bond.

The rating outlook was reduced due to a negative equity ratio and a net loss of EUR 300,000 recorded last year.

(EUR 1.0 = USD 1.361)

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