Fitch: Isagen view positive

Fitch Ratings said it affirmed at BB+ Isagen's foreign- and local-currency issuer default ratings.

The outlook was revised to positive.

The outlook revision reflects the improvement in the company's financial results in 2011, as well as the expectations of lower than expected financial leverage in 2012 and 2013, according to the agency.

In addition, the actions incorporate the significant progress in the construction work in the Sogamoso project, the agency said.

As of December 2011, the company's debt to EBITDA was 2.2 times. It is expected that leverage ratio increase to a maximum of 3.8x, and then fall rapidly after the beginning of the operations of Sogamoso project by 2014 and then to maintain indicators near the 2.5x thereafter, Fitch said.

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