Moody's may up AES Gener

Moody's Investors Service said it placed the ratings of AES Gener, SA and its wholly-owned subsidiary AES Chivor & CIA SCA ESP under review for possible upgrade.

Ratings under review include AES Gener's Ba1 rating on its senior unsecured debt, AES Chivor's Ba3 rating on its senior secured debt and AES Chivor's Ba3 corporate family rating.

The action considers the strong market fundamentals in the Chilean power market and the projected benefit of AES Gener's investment in additional thermoelectric generation, the agency said. It also considers the strong market fundamentals in the Colombian power market and the projected benefit of certain changes in the regulatory framework for Colombian generators, Moody's added.

Moody's said its review will focus on the degree to which the company can continue to manage gas curtailments and its capital expansion program, both of which could pressure cash flow to debt coverage over the near term.

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