Of­fi­cials of the Trinidad Gen­er­a­tion Un­lim­it­ed (TGU) pow­er plant are cur­rent­ly in the Unit­ed States meet­ing with prospec­tive in­vestors ahead of a planned bond de­but.

Ac­cord­ing to a re­port pub­lished on­line by Glob­al­Cap­i­tal, TGU has ap­point­ed Cred­it Su­isse and Sco­tia­bank as joint bookrun­ning man­agers and RBC Cap­i­tal Mar­kets as bookrun­ner for the deal. Rat­ings agency Fitch said the com­pa­ny has been as­signed a BBB/BBB- rat­ing which re­flects its state own­er­ship and "strate­gic im­por­tance" to this coun­try's en­er­gy ma­trix.

The agency ex­plained: "Ad­di­tion­al­ly, the rat­ing is sup­port­ed by high­ly sta­ble cash flows gen­er­at­ed PPA (pow­er pur­chase agree­ment) with a tolling struc­ture that elim­i­nates com­mod­i­ty risk ex­po­sure."

Fitch fur­ther stat­ed: "Ad­di­tion­al­ly, TGU's sole off­tak­er and fu­el sup­pli­er, Trinidad and To­ba­go Elec­tric­i­ty Com­mis­sion (T&TEC), is owned by the Gov­ern­ment. The com­pa­ny's wa­ter sup­ply is al­so guar­an­teed by an­oth­er gov­ern­ment con­trolled en­ti­ty, the Wa­ter and Sewage Au­thor­i­ty of Trinidad and To­ba­go."

It said all these fac­tor are ev­i­dence of the "strate­gic im­por­tance of the as­set and align­ment to the sov­er­eign's over­all ob­jec­tive to main­tain low en­er­gy prices at a com­pe­ti­tion edge for pri­vate in­vest­ment."

TGU of­fi­cials are due to hold meet­ings in Los An­ge­les to­day, in Lon­don on Mon­day and New York on Wednes­day.

The US$740 mil­lion TGU pow­er gen­er­a­tion fa­cil­i­ty at Union In­dus­tri­al Es­tate, La Brea, was of­fi­cial­ly launched on Oc­to­ber 30, 2013.