Fitch cuts Electroandina to BB

Fitch Ratings said it downgraded the senior unsecured local and foreign currency ratings of Electroandina SA to BB from BB+.

Fitch also revised the outlook to stable from negative.

The downgrade reflects a continued deterioration in credit protection measures and short-term liquidity concerns, according to Fitch.

Fitch said the material reduction in the company's credit protection measures is primarily the result of lower than expected operational results, which have been hurt by external variables such as the severity of natural gas restrictions from Argentina and the evolution of the energy fuel prices, mainly coal and diesel prices.

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