Fitch Ratings has affirmed AdGreen Energy Ltd restricted group 2 (AGEL RG2) 362.5 million dollars senior secured partially amortising notes due in 2039 at BBB-minus.
AGEL RG2 includes three subsidiaries of AGEL. The US dollar notes are issued in part by each of the three special purpose vehicles (SPVs) in the restricted group. The notes are stapled together to mimic the structure of a restricted pool, said Fitch.
The issuers directly own operating assets and are not merely lenders to the operating entities, unlike other rated issuance from most of the Indian restricted groups. All covenants or triggers are on an aggregate basis.