Fitch affirms Elektra Noreste

Fitch Ratings said it affirmed Elektra Noreste, SA's BBB foreign- and local-currency issuer default ratings. Fitch also affirmed the BBB foreign-currency rating of the senior notes due 2021.

The outlook is stable.

The agency said the ratings are based on the company's strong financial position, stable cash flow, low business risk profile and low leverage, with a total debt-to-EBITDA ratio of 2.2 times. Its credit profile is supported by its natural monopoly position.

The ratings also consider the company's exposure to regulatory risk, high energy costs and receipt of government subsidies, Fitch said.

The ratings of Elektra are not constrained by the BB+ sovereign rating of Panama, Fitch noted.

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