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AES Gener S.A. Oct 03
Standard & Poors, Oct 2003
Abstract
Core business (electricity sales in Chile) in stable operating environment. Long-term contracts with Chilectra S.A., Chilquinta Energ-a S.A., and Minera Escondida, which provide certain cash flow stability. Reliable supply source during drought periods, but the company is a relatively high cost generator because of its thermal profile. Weak financial flexibility. High leverage. High refinancing risk. Low liquidity. High concentration of its sale contracts mitigated by the strong credit profile of its customers. The rating on Chile-based power generator AES Gener S.A. mainly reflects its relatively weak liquidity position combined with its poor access to credit markets and high refinancing risk. While AES Gener's cash position, on an individual basis, has improved to US$30 million as of June 2003 and is...
Companies mentioned in this report are: AES Gener S.A.,Indianapolis Power & Light Co.,IPALCO Enterprises Inc.,AES Corp. (The),AES China Generating Co. Ltd.,C.A. La Electricidad De Caracas
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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