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AES Panama S. A. Sep 11
Standard & Poors, Sep 2011
Abstract
Strong profitability and management; Increasing energy demand based on expected national GDP growth; Stable cash flow from long-term power purchase agreements signed with the three distribution companies in the country; Ability to generate electricity at the lowest cost in Panama; and Solid position as a major player in the Panamanian market. Exposure to drought seasons; Large debt from investments needed to upgrade and repower facilities; and High energy prices, which could affect the distribution companies' collection rates under drought conditions. Standard & Poor's Ratings Services' ratings on AES Panama S.A. incorporate our opinion that there is a 'moderately high' likelihood of timely and sufficient extraordinary support from the Republic of Panama (foreign currency: BBB-/Positive/A-3; local currency: BBB-/Positive/A-3) to AES Panama...
Companies mentioned in this report are: AES Panama S. A.,The AES Corp.,Republic of Panama
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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