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Oct 26, 2018 · Corporate Overview. We are a holding company whose sole activity since our incorporation in November 2013 has been to invest in shares of Oleoducto Central S.A. ("Ocensa"). This interest in Ocensa represents all of our assets from which we derive our income.
- Key Rating Drivers
- Derivation Summary
- Key Assumptions
- Rating Sensitivities
- Best/Worst Case Rating Scenario
- Liquidity and Debt Structure
- References For Substantially Material Source Cited as Key Driver of Rating
- Applicable Models
- Additional Disclosures
Stable Dividend Stream: A.I. Candelaria's ratings are supported by the quality of the dividends received from its stake in OCENSA, which will increase to 27.352% after the acquisition of 5% of OCENSA's shares from Darby. The company is in a regulated business with strong and stable cash flows and predictable dividend streams. Fitch forecasts divide...
A.I. Candelaria's ratings rely on the dividend stream received from OCENSA, which has an investment-grade credit quality. Overall, assets such as crude and products pipelines, natural gas and other contractually-supported operations have predictable operating performance, and consistent earnings and cash flow. OCENSA's credit profile is linked to t...
--OCENSA's transported volumes for Ship-and-Pay contracts declining during the rating horizon; --OCENSA's transported volumes for Ship-or-Pay contracts according to negotiated terms with off-takers; --Regulatory tariffs remain through 2023; --Dividend pay-out of 100%; --Exchange rate forecasted by Fitch's Sovereign Group; --Debt service reserve acc...
Factors that could, individually or collectively, lead to positive rating action/upgrade: --An upgrade of OCENSA credit ratings. Factors that could, individually or collectively, lead to negative rating action/downgrade: --A downgrade of OCENSA credit ratings; --Interest coverage (Dividends received/Gross interest) below 2.5x on a sustained basis; ...
International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, m...
Liquidity Not a Concern: A.I. Candelaria has no liquidity issues. Liquidity is expected to be strong, considering the company's forecast for readily available cash and consistently positive FCF generation. Debt service will be limited to interest payments through the medium term. Thereafter, the principal of the notes due 2028 will be payable in 12...
The principal sources of information used in the analysis are described in the Applicable Criteria. Additional information is available on www.fitchratings.com
Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).
AI Candelaria (Spain), S.L.U. operates as a holding company. The Company, through its subsidiaries, owns and manages crude oil pipeline. AI Candelaria (Spain) serves customers in Spain.
Al Candelaria The Innocents were an American pop group from Sun Valley, California , United States. The trio existed primarily between 1958 and 1964, although they did reform in the 1990s.
Dec 21, 2021 · A.I. Candelaria (Spain), S.A. Entity featured on Fitch Ratings. Credit Ratings, Research and Analysis for the global capital markets.
Powered By Q4 Inc.5.128.1.2(opens in new window) Access to this site and the information contained herein or disclosed in respect thereto is limited solely to (i) existing beneficial owners or lenders of outstanding debt of AI Candelaria (Spain), S.A. (the “Company”), (ii) individuals or entities with a present intention to lend, acquire or ...
Nov 4, 2023 · The Al Candelaria [Spain] S.A.-Bond has a maturity date of 6/15/2033 and offers a coupon of 5.7500%. The payment of the coupon will take place 2.0 times per biannual on the 15.06.. Follow us on:
