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AES Panama S.A. Jan 07
Standard & Poors, Jan 2007
Abstract
Strong profitability, Stable cash flow due to diversified long-term purchase-power agreements signed with the three distribution companies in Panama, Attractive and business-friendly regulatory framework, Strong and increasing energy demand in Panama, and Availability to generate electricity at the lowest cost. Exposure to hydrological conditions (drought seasons) partially offset by the Bayano's reservoir, Aggressive capital structure, High leverage due to the investments needed to upgraded and repower facilities, High energy prices that could affect the collection rates of the company, and High dividend payments projected from 2006 on. The rating reflects the company's strong profitability, projected cash flow stability deriving from the diversified long-term purchase-power agreements signed with the three distribution companies in Panama, the growing prospects for power consumption in...
Companies mentioned in this report are: AES Panama, S. A.,AES Corp. (The),AES Gener S.A.,Panama (Republic of),CESP-Companhia Energetica de Sao Paulo,Tractebel Energia S.A.,AES CHIVOR & CIA S.C.A. E.S.P.,Empresa Generadora de Electricidad Itabo, 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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