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Fitch: Emgesa notes at BBB-
Fitch Ratings said it assigned a foreign- and local-currency issuer default rating of BBB- to Emgesa SA ESP and a long-term rating of BBB- to its proposed note issuance of about $400 million due 2021.
The outlook is stable.
The ratings reflect the company's strong competitive position, its diversified portfolio of generation assets and successful business and commercial strategies, Fitch said.
The ratings also consider Emgesa's conservative financial profile, as well as the operating support the company receives from its controlling shareholder, Endesa-Chile, the agency said.
The ratings also take into account Emgesa's moderate exposure to hydrology and regulatory risk, Fitch added, and the potential pressure on credit metrics during the company's construction of El Quimbo project.
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