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Fitch affirms Elektra Noreste
Fitch Ratings said it affirmed Elektra Noreste, SA's foreign- and local-currency issuer default ratings at BBB.
The outlook is stable.
The agency said Elektra's ratings are based on its strong financial position, stable cash flow generation and low business risk profile, which is characteristic of electric distribution companies.
Elektra's ratings also incorporate the company's exposure to regulatory risk, which is considered modest as the Panamanian electricity regulator operates independently from the central government, Fitch said.
As of the last 12 months ended June 30, the company reported a total debt-to-EBITDA ratio of 2.1 times.
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