Abengoa Yield Insulated From Potential Bankruptcy of Founder
- Credit downgrade of Abengoa `has no impact' on yieldco unit
- Abengoa Yield taking `sufficient separateness provisions'
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Abengoa Yield Plc, the U.S.-traded holding company formed by Spain’s Abengoa SA, has taken “sufficient separateness provisions” to insulate itself from the potential bankruptcy of its founder, Moody’s Corp. said in a report Friday.
Abengoa has reduced its ownership of the holding company to 42 percent -- it owned 47 percent as recently as November -- and five of Abengoa Yield’s eight board seats are now held by independent directors, including the chairman, Moody’s analyst Natividad Martel said in the report.