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AES CHIVOR & CIA S.C.A. E.S.P. Feb 11
Standard & Poors, Feb 2011
Abstract
Good competitive position as a hydropower generator. Manageable maturity profile. High exposure to hydrological risks and cash flow volatility. High currency mismatch between revenues (in Colombian pesos) and debt (in U.S. dollars). Standard & Poor's Ratings Services' ratings on Aes Chivor & CIA S.C.A. E.S.P. (Chivor) reflect the difficulties of operating in the highly competitive and largely hydro-based Colombian power system, its single-asset nature, its exposure to harmful weather, and its volatile cash-flow generation. Chivor's relatively strong competitive position as a low-cost power generator, its sizable dam and the favorable hydrology within its region, its large portfolio of short- and medium-term power sales contracts, and its relatively strong credit metrics partly offset the weaknesses. Chivor generates an average of about...
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 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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