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AES CHIVOR & CIA S.C.A. ESP Jan 07
Standard & Poors, Jan 2007
Abstract
Low cost generator, Low capital expenditures requirement, Hydrology risk mitigated by favorable hydrological conditions and sizable dam, Manageable debt maturities, Relatively high cash reserves, Adequate projected cash flow generation due to favorable pricing environment, and Growing demand for power in Colombia. Highly competitive market environment, Relatively high political and regulatory risk, Volatile cash flow generation (50%-70% of power sales in the spot market), and Relatively high currency mismatch (peso revenues versus relatively large U.S. dollar-denominated debt). The 'BB-' ratings on Colombian hydropower generator AES Chivor & Cia S.C.A. ESP (Chivor) reflect the challenges of operating in the highly competitive and largely hydro-based Colombian electricity system and the company's volatile cash flow generation. These weaknesses are partly offset by the company's...
Companies mentioned in this report are: AES CHIVOR & CIA S.C.A. E.S.P.,Indianapolis Power & Light Co.,IPALCO Enterprises Inc.,AES Corp. (The),Colombia (Republic of),AES Gener S.A.,AES China Generating Co. Ltd.,C.A. La Electricidad De Caracas ,AES Sul Distribuidora Gaucha de Energia S.A.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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