S&P ups EGE Itabo

Standard & Poor’s said it raised its issuer credit and debt ratings on Empresa Generadora de Electricidad Itabo SA (EGE Itabo) to B+ from B.

The outlook remains stable.

“EGE Itabo has improved its key financial ratios beyond our expectations based on increased EBITDA generation due to greater power generation from higher availability at its plants,” said S&P credit analyst Stephanie Alles in a news release.

For the last 12 months ended June 30, the company posted an EBITDA margin of 37% compared with 16% for the same period a year before, the agency said.

S&P said it also revised EGE Itabo’s financial risk profile to “significant” from “aggressive,” based on the company’s improved cash flow generation and lower leverage metrics.

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