Fitch eyes TermoCandelaria positively

Fitch Ratings said it revised its outlook for TermoCandelaria Power SA to positive from stable and affirmed the BB ratings on the company and its senior unsecured notes.

“The positive outlook reflects an improved capital structure supported by a deleveraging trend through reduced debtless capex, improved EBITDA through more efficient generation, and no dividend payments in excess of cash surplus. Fitch expects gross leverage to remain below 3.3x over the rating horizon (excluding intercompany loan) and for EBITDA generation that benefits from Termocandelaria's (Tecan) combined cycle project that results in additional revenue from the reliability charge,” the agency said in a press release.

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