Fitch gives AES Gener stable outlook

Fitch Ratings said it affirmed AES Gener's BBB- long-term, foreign-currency and local-currency issuer default ratings, BB outstanding junior subordinated long-term notes and A+(cl) national scale rating.

Concurrently, the agency removed from the rating watch negative and assigned a stable outlook.

Fitch also removed the rating watch negative and assigned a stable outlook to AES Gener's affiliates Empresa Electrica Angamos SA and Empresa Electrica Guacolda SA.

Fitch said the actions follow the completion of the Alto Maipo financial restructuring process, where AES Gener and Strabag reached an agreement to complete the Alto Maipo project under a fixed lump-sum amount. Strabag will assume all geological and construction risk of the project, backed by a $300 million letter of credit and a corporate guarantee from Strabag's parent company.

The stable outlook is driven by AES Gener's commitment to complete the Alto Maipo project with no additional debt at the corporate level, the agency explained.

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