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S&P has downgraded Consolidated Energy Ltd (CEL), a subsidiary of Proman, from B to CCC+, reflecting its junk-bond status. CEL, which operates on the Point Lisas Industrial Estate in Trinidad and Tobago, faces a $224 million debt maturity in 2026 and has reported a 13% decrease in methanol sales due to production interruptions.

S&P assesses CEL's liquidity as weak, impacted by lower cash flow and upcoming debt obligations. CEL's estimated gross debt is $2.8 billion, with senior unsecured notes constituting 60% of this amount.

The rating agency expects utilization rates at CEL's methanol facility in Trinidad to remain at about 65% and at 90-95% for its Oman plant in the coming years. CEL's financial strategy prioritizes support for Proman, eroding its own financial stability. S&P has provided a stable outlook for CEL's CCC+ rating, dependent on favorable economic conditions.