Fitch affirms Electrica Fortuna

Fitch Ratings said it affirmed Panama-based Empresa de Generacion Electrica Fortuna SA's BBB- foreign- and local-currency issuer default ratings and BBB- senior notes due 2013.

The outlook is stable.

The affirmation follows Enel SpA's and Globeleq Ltd.'s acquisition of an indirect joint 49% equity interest in Electrica Fortuna from Hydro Quebec International Latin America Ltd. and El Paso Corp., respectively. Fitch said it views the change in ownership structure as neutral to Fortuna's credit profile as Enel should continue to provide the operating expertise previously provided by Hydro Quebec given Enel's position as the largest provider of electric services in Italy and its growing presence in Latin America.

Electric Fortuna's net debt to EBITDA ratio is 1x.

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