S&P affirms Empresa Eléctrica de Guatemala

Standard & Poor's said it affirmed its BB- local and foreign currency long-term corporate credit ratings on Empresa Eléctrica de Guatemala.

The rating was removed from Creditwatch with negative implications, where it had been placed on Aug. 26, the agency said.

The outlook is negative.

According to S&, the ratings were originally placed on Creditwatch with negative implications following the Electric Energy National Commission in Guatemala's announcement of the applicable tariffs for the 2008-2013 period that established a value-added distribution lower than that which was in force in the 2003-2008 period.

"The negative outlook reflects deterioration in Empresa Eléctrica de Guatemala's profitability and the uncertainty of further weakening in its key financial indicators during 2009 and beyond.

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