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AES CHIVOR & CIA S.C.A. E.S.P. Sep 11
Standard & Poors, Sep 2011
Abstract
Good competitive position as a hydropower generator Manageable maturity profile Large portfolio of short- and medium-term power sales contracts Exposure to hydrological risks Currency mismatch between revenues (in Colombian pesos) and debt (in U.S. dollars) Standard & Poor's Ratings Services' ratings on AES CHIVOR & CIA S.C.A. E.S.P. (Chivor) reflect the company's relatively strong competitive position as a low-cost power generator, its sizable dam, the favorable hydrology in its region, its large portfolio of short- and medium-term power sales contracts, and its strong credit metrics. The difficulties of operating in the highly competitive and largely hydrobased Colombian power system, its single-asset nature, and its exposure to hydrological conditions partially offset the strengths. We assess Chivor's business risk profile as fair,...
Companies mentioned in this report are: AES CHIVOR & CIA S.C.A. E.S.P.,Indianapolis Power & Light Co.,IPALCO Enterprises Inc.,The AES Corp.,AES Gener S.A.,AES Eastern Energy L.P.,AES Ironwood LLC,AES Red Oak LLC,AES Sul Distribuidora Gaucha de Energia S.A.,Dolphin Subsidiary II Inc
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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