Fitch affirms Fortuna

Fitch Ratings said it affirmed Empresa de Generacio Electrica Fortuna SA's local- and foreign-currency issuer default ratings and senior notes due 2013 at BBB-.

The outlook is stable.

According to Fitch, the ratings reflect Fortuna's position as the largest hydroelectric plant in Panama, its competitive dispatch priority, sound operating strategy, acceptable projected debt-service coverage under various stress scenarios and absence of foreign-exchange risk.

The rating also incorporates potential weaknesses including exposure to hydrology, commodity price risks, regulatory considerations and potential for long-term competitive price pressures, the agency said.

Fortuna reported financial leverage as measured by total debt-to-EBITDA 1.4 times as of the 12 months ended March 31.

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