DBRS Discontinues Ratings of TS Energy Italy S.p.A.

DBRS Limited (DBRS) discontinued the Issuer Rating and the rating on the Senior Secured Notes (the Notes) of TS Energy Italy S.p.A, which owns 39 solar photovoltaic power generation installations across Italy with a total electric capacity of 43.285 megawatt-peak. The rating is being discontinued due to the early repayment of the Notes on June 30, 2019.

Notes:
The principal methodology is Rating Solar Power Projects, which can be found on dbrs.com under Methodologies & Criteria.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

This rating is endorsed by DBRS Ratings Limited for use in the European Union. The following additional regulatory disclosures apply to endorsed ratings:

The last rating action on this transaction took place on November 15, 2018, when DBRS assigned TS Energy Italy S.p.A. an Issuer Rating of BBB (low) with a Stable trend.

For further information on DBRS historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Lead Analyst: Radi Annab, Vice President, Project Finance – Global Corporates
Rating Committee Chair: Andrew Lin, Managing Director, Energy & Project finance – Global Corporates
Initial Rating Date: January 25, 2017

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

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