BUENOS AIRES (Standard & Poor's) Dec. 16, 2005--Standard & Poor's Ratings Services said today it raised its corporate credit and senior secured debt ratings on Colombian hydropower generator Chivor S.A. E.S.P. to 'B+' from 'B', reflecting the better-than-expected cash flow generation that has led to better-than-anticipated debt reduction during 2005, thus strengthening the company's financial profile. The upgrade incorporates expectations of a continuation of this trend in the next two years, fueled by more favorable contracted and spot market prices for power in Colombia. The outlook is stable. "The ratings on Chivor reflect the challenges of operating in the highly competitive and largely hydro-based Colombian electricity system and the company's volatile cash flow generation, coupled with its still relatively weak,...
Companies mentioned in this report are:
- AES CHIVOR & CIA S.C.A. E.S.P.
- The AES Corp.
- AES Gener S.A.
Action: Outlook: Stable
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Research type: News
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