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AES CHIVOR & CIA S.C.A. E.S.P. Feb 09
Standard & Poors, Feb 2009
Abstract
Low-cost generator; Low capital expenditures; Favorable hydrological regime and sizable dam; Adequate cash reserves; and Good projected debt service coverage ratios. Highly competitive market environment; Volatile cash flow generation; Relatively high refinancing risk in 2014 when a $170 million bond will become due; and Relatively high currency mismatch (largely peso nominated revenues versus largely U.S. dollar-denominated debt). The rating on Colombian hydropower generator 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 exposure to weather conditions, and the company's volatile cash flow generation. These weaknesses are partly offset by the company's low variable generation cost, relatively large dam and favorable hydrology in its region, its sizable...
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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