Fitch lifts Isagen, view lowered to stable

Fitch Ratings said it affirmed Isagen SA ESP's foreign- and local-currency issuer default ratings at BBB-.

Fitch also said it upgraded Isagen's long-term national scale rating, as well as its local bond issue program to AAA(col) from AA+(col).

The outlook was revised to stable from positive.

Fitch also said it affirmed Isagen's national short-term national scale rating at F1+(col).

The actions reflect the improvement in the company's financial results and leverage metrics during 2012 and the expectation of a lower financial leverage for 2013 and beyond, the agency said.

The actions also incorporate significant progress in the construction of the Sogamoso project and the positive expected cash flows that will result from its completion in 2014, Fitch said.

The ratings consider the company's solid results, which improve credit profile expectations, the agency added.

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