Consolidated Energy - comment
Interesting colour, but nothing new here, Proman will not be repaying its loans from CONSEN anytime soon (as we expected). The $360m loan and $280m guarantee have indirectly largely funded the equity investment in the Ammonia plant Proman is building in Mexico. The Mexico facility is part of a much larger proposed development, which will eventually provide Proman with the ability to repay CONSEN, but we are not holding our breath.
The 800kt plant in Sinaloa is costing USD1,631m, assuming a 30% equity contribution => c$500m required from Proman. In addition to the $360m of intracompany debt, CONSEN guarantees a $281m loan to Proman.
https://www.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3470932