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AES Gener S.A. Mar 05
Standard & Poors, March 2005
Abstract
Long-term power sale contracts with Chilectra S.A., Chilquinta Energ-a S.A. and Minera Escondida, which provide certain cash flow stability, Reliable supply source during periods of drought, although AES Gener is a relatively high-cost generator because of its thermal profile within a largely hydro system, Most of AES Gener's cash flow is generated in Chile, Strong demand for power and higher electricity prices in Chile, and Good financial profile. Relatively high-cost generator in Chile, High natural gas supply risk in Chile, and High concentration of sale contracts offset by its customers' strong credit profile. The 'BB+' rating on AES Gener S.A., the second-largest power generator in Chile, reflects its relatively high generation cost deriving from its thermal profile in a largely...
Companies mentioned in this report are: AES Gener S.A.,AES Corp. (The),Empresa Nacional de Electricidad S.A., (Endesa) Chile,Chilquinta Energia S.A.,AES CHIVOR & CIA S.C.A. E.S.P.
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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