Join our analysts to find out the credit drivers underpinning Moody’s Ba2 rating on the proposed USD notes by the newly established restricted group (RG2) of Continuum Green Energy Limited (CGEL). RG2 comprises 8 of CGEL’s wholly-owned subsidiaries that have long-term power purchase agreements with Indian state-owned distribution companies as well as commercial and industrial customers.
Discussion Topics:
- What are the credit implications from RG2’s offtaker mix?
- How does the potential equity transaction among existing sponsors affect RG2’s credit quality?
- What could change the rating?
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SpeakersRay Tay Associate Managing Director, Project & Infrastructure Finance Moody's Ratings
Zi Zhu Analyst, Project and Infrastructure Finance Moody's Ratings
Erman Zhang AVP-Analyst, Project and Infrastructure Finance Moody's Ratings
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Ray Tay is a Associate Managing Director in Moody’s Project and Infrastructure Finance Group. Based in Singapore, Ray covers project finance, transport, utilities and other infrastructure credits in Southeast Asia and India. Ray also authors research and conducts outreach focused on topics such as project bonds and the role of funding diversity and credit enhancement in bridging the infrastructure gap, particularly in emerging markets. Ray is also a member of Moody’s APAC ESG Working Group.
Before joining Moody’s in 2012, Ray was a Director with the Global Infrastructure & Projects Group in KPMG. Ray has also worked as a Senior Business Analyst with the Singapore Power Group, focusing on regulatory economics in each of its principal local operating subsidiaries.
Ray holds a Bachelor’s in Economics with honors from the National University of Singapore.
Zi Zhu is an Analyst in Moody’s Project and Infrastructure Finance Group. Based in Singapore, he covers project finance, transport, utilities and other infrastructure credit in Southeast Asia and India.
Before joining Moody’s, Zi worked in corporate coverage team of Societe Generale in Singapore, where he supported bankers in client relationship management and transaction origination. Zi has also worked in Credit Agricole CIB’s DCM team in Hong Kong.
Zi holds a Master of Science in Management from ESSEC Business School in France.
Erman Zhang is an AVP-Analyst in Moody’s Project and Infrastructure Finance Group. Based in Singapore, she covers project and infrastructure credits in South and Southeast Asia.
Erman has several years of experience in infrastructure and asset finance. Prior to joining Moody’s, she worked in Mizuho Bank’s Singapore branch, covering a portfolio of major shipping companies. Erman’s previous roles included being a manager at the Singapore branch of bank of China, covering infrastructure and project finance in Southeast Asia, and being a corporate relationship manager at HSBC China.
Erman holds an MBA from the Nanyang Technology University in Singapore, a Master of Science in Economics from the Hong Kong University of Science and Technology and a Bachelor of Arts in Economics from the Sun Yat-Sen University in China. Erman is also a CFA charterholder.