Fitch changes AES Panama to positive

Fitch Ratings said it affirmed AES Panama SRL's long-term foreign and local currency issuer default ratings at BBB- and revised the outlook to positive from stable.

The agency also affirmed the national scale rating at AA+(pan) with a stable outlook and senior unsecured noted ratings at BBB- and AA+(pan).

Fitch said the ratings reflect AES Panama's strategic changes to its generation portfolio and re-contracting strategy, underpinned by Panama's evolving electricity matrix designed to mitigate spot price volatility. Under normal hydrological conditions, Fitch expects leverage of 3.0x or lower through the rating horizon, supported by higher average energy prices under Power Purchase Agreements (PPAs).

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