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Fitch Affirms AES Panama's IDR at 'BBB-'; Outlook Stable.

Publication: Business Wire
Publication Date: 04-SEP-07 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
CHICAGO -- Fitch has affirmed AES Panama, S.A. foreign and local currency issuer default ratings (IDRs) at 'BBB-'. This rating action applies to $300 million in senior unsecured notes due December 2016. The Rating Outlook is Stable.

AES Panama's ratings are based on the company's strong portfolio of assets, competitive dispatch position, solid multiple power purchase agreements (PPAs), adequate financial profile, healthy projected debt service coverage under various stress scenarios, and the absence of foreign-exchange risk. The ratings also incorporate potential weaknesses, including exposure to hydrology, commodity price risks, regulatory considerations and potential for long-term competitive price pressures.

AES Panama benefits from a portfolio of existing low-cost hydroelectric generating assets, including dam-based (reservoir) and run of the river units. The company is comprised of four hydroelectric plants with...

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