Moody's shifts Genneia outlook to stable

Moody's Investors Service said it affirmed Genneia SA's Caa3 corporate family rating and senior unsecured ratings and changed the outlook to stable from negative.

“Genneia's rating and stable outlook reflect the company's asset base and positioning as one of the main power producers in the renewable space in Argentina, with a solid operating track record and production levels, including average load factor for its wind projects of over 45%. Supporting our expectation of strong cash generation is the long-term contractual base with an average remaining life of contracts of 12 years. After the completion of its investment plan early this year, Moody's anticipates the company will be able to produce a ratio of cash flow from operations before working capital changes (CFO pre-WC) to debt in the range of 20 to 25%, with a progressive debt reduction amid a prudent dividend policy,” Moody’s said in a press release.

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