Fondo de Amortizacion del Deficit Electrico (FADE), the securitization vehicle set up to fund the tariff deficit in the Spanish power industry will be selling €110 million of debt securities backed by a Spanish government guarantee.

The €110 million Series 4 notes to be issued have been assigned a provisional rating of ‘Baa3’ by Moody's Investors Service. This latest securitization increases the total amount of Series 4 notes that were first issued in May 2011. With this new issuance, Moody’s said the total Series 4 will increase to €1.51 billion.

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