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Fitch to rate E-CL debt BBB
Fitch Ratings said it expects to assign a rating of BBB to E-CL SA's proposed senior unsecured debt issuance of up to $350 million with a 10-year bullet maturity.
Proceeds will be used to prepay the company's $350 million project finance debt with a maturity of June 2025 at the Central Termoelectrica Andina subsidiary level.
Fitch said the expected rating reflects E-CL's improving financial profile and expectations that the company will continue registering strong financial results in the near- to medium-term. In 2012, the company's cash flow generation was hurt by an indexation mismatch in fuel costs for its contract with Emel. This situation reversed and E-CL's cash flow generation has significantly improved over the last 18 months, the agency said.
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