NEW YORK, Sept. 22, 2017 /PRNewswire/ -- Fitch Ratings announced today it has upgraded its rating for ContourGlobal Power Holdings S.A.'s (CGPH) senior secured notes due 2021 to 'BB/RR3' from 'BB-/RR3' and affirmed super senior revolver at 'BB+/RR1'. It has also upgraded ContourGlobal L.P.'s (CGLP) Long-Term Issuer Default Rating (IDR) to 'BB-' from 'B+'. The Rating Outlook is Stable.
According to Fitch, the upgrade reflects the increased scale and diversification of ContourGlobal, including over 50% EBITDA growth since their initial rating in September 2015 due to the successful completion and integration of multiple construction projects and acquisitions.
"We are pleased to see our investment discipline and performance reflected in this upgrade decision. This should further increase our financial flexibility and lower our cost of capital," said Jean-Christophe Juillard, Chief Financial Officer of ContourGlobal. "We remain committed to high value growth while maintaining credit metrics in line with a BB rating."
ContourGlobal is an international power-generation company with approximately 4,100 MW in operation in 19 countries and three continents. ContourGlobal operates a portfolio of 69 thermal and renewable power plants across Europe, Latin America and Africa utilizing a wide-range of technologies.