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AES CHIVOR & CIA S.C.A. E.S.P. Dec 09
Standard & Poors, Dec 2009
Abstract
Low-cost generator Low capital expenditures Favorable hydrological conditions and sizable dam Adequate projected cash-flow generation due to favorable pricing environment Growing demand for power in Colombia Highly competitive market environment Single asset condition Cash-flow volatility (50%-60% of power sales in the spot market) Relatively high currency-mismatch risk (peso revenues versus U.S. dollar-denominated debt equivalent to 85% of total debt) Relatively high refinancing risk in 2014, when most of the company's debt matures The rating on Colombia-based AES Chivor & CIA S.C.A.E.S.P. (Chivor) reflects the challenges of operating in the highly competitive and largely hydro-based Colombian power system, its single-asset nature, its exposure to weather conditions, and its volatile cash-flow generation. Chivor's relatively strong competitive position as a low-cost power generator,...
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),AES Gener S.A.,AES China Generating Co. Ltd.,C.A. La Electricidad De Caracas ,AES Eastern Energy L.P.,AES Ironwood LLC,AES Red Oak LLC,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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