- Language: English
- Published: September 2011
Summary: AES Chivor & CIA SCA ESP Jun 06
- Published: June 2006
- Standard & Poors
The 'B+' ratings on AES Chivor & CIA SCA ESP (Chivor) reflect the challenges of operating in the highly competitive and largely hydro-based Colombian electricity system as well as the company's relatively volatile cash flow generation. These weaknesses are partly offset by the company's sizable portfolio of short- and medium-term power sales contracts (42% of revenues in fiscal 2005), mainly with local electric distribution companies at a fixed price in Colombian pesos and indexed by local inflation. In addition, Chivor benefits from low variable power generation cost, a relatively large dam, and favorable hydrology within its region. Chivor generates about 4,000 gigawatt-hours (GWh) per year, and has short-and medium-term sales contracts (of up to three years) for about 2,000 GWh...
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.