AES CHIVOR & CIA S.C.A. E.S.P. 'BBB-' Rating Affirmed On Intermediate Financial Risk Profile; Outlook Remains Stable Nov 12
- Language: English
- Published: November 2012
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, its sizable dam and the favorable hydrology within its region, its sizable portfolio of short- and medium-term power sales contracts, and its relatively strong credit metrics partly offset the weaknesses. Chivor generates about 4,000 gigawatt hours (GWh) of electricity per year, and has short- and medium-term sales contracts (of up to three years) for 2,300 GWh-3,000 GWh. The company seeks to optimize its water and cash-flow generation by purchasing power on the...
Companies mentioned in this report are: AES CHIVOR & CIA S.C.A. E.S.P.,AES Corp. (The),AES Gener S.A.
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
SHOW LESS READ MORE >
AES CHIVOR & CIA S.C.A. E.S.P.,AES Corp. (The),AES Gener S.A.