Fitch ups Engie Energia Chile

Fitch Ratings said it upgraded Engie Energia Chile SA’s long-term foreign and local currency issuer default ratings to BBB+ from BBB and long-term national scale rating to AA(cl) from AA-(cl).

Fitch also raised the rating on the company’s $850 million of unsecured notes to BBB+ from BBB.

“The upgrade of Engie Energia Chile’s ratings reflects Fitch’s view that the company has strengthened its credit profile based on the company’s improved capital structure, with expected leverage expected to average 2x during 2020-2022; strong contracted position of 100% until 2028 with a contracted average life of its PPA of 12 years; the successful conclusion of its $2.2 billion expansion plan,” Fitch said in a press release

Fitch said it also revised the outlook to stable from positive, which is driven by expectations that Engie will maintain adequate liquidity levels in the medium term, supported by strong and predictable cash flow.

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