Fitch rates Eten notes BBB-

Fitch Ratings said it assigned a BBB- rating to Planta de Reserva Fria de Generacion de Eten SA's (Eten) $132.8 million series 2013-1 partially guaranteed senior secured variable funding notes due 2033.

The outlook is stable.

Delay risk is mitigated by the short-term and relatively low complexity of the project and float of about six months prior to a possible termination of the concession, Fitch said.

The engineering, procurement and construction contractor is not rated, but has significant experience both within Peru and with projects of this size and scope, the agency said.

Project liquidity is sufficient to support possible liquidated damages under the concession agreement and the replacement of the contractor, should the need arise, Fitch added.

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