Fitch affirms Emgesa

Fitch Ratings said it affirmed Emgesa SA ESP's foreign- and local-currency issuer default rating at BBB-, along with its long-term national scale rating at AAA(col) and senior unsecured $400 million notes due 2021 at BBB-.

The agency also said it affirmed its Emgesa's 1.9 billion in Colombian pesos bond program, 250 million in Colombian pesos bond issuance, 400 million in Colombian pesos Betania bonds at AAA(col) and 600 million in Colombian pesos commercial paper at F1+(col).

The outlook is stable.

The ratings reflect the company's strong competitive position, diversified portfolio of generation assets and successful business and commercial strategies, the agency said.

The ratings also consider its conservative financial profile and the operating support the company receives from its controlling shareholder, Endesa-Chile, Fitch said.

The ratings also consider Emgesa's moderate exposure to hydrology and regulatory risk, the agency added.

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