Fitch rates AES Andres bond BB-

Fitch Ratings said it assigned a BB- rating to AES Andres BV's proposed senior unsecured issuance of up to $300 million.

“The rating for the proposed notes considers the combined operating assets of Andres and Dominican Power Partners (DPP) (jointly referred to as AES Dominicana). Andres and DPP are guarantors of the proposed notes,” the agency said in a press release.

Fitch rates Andres' long-term foreign-currency issuer default rating BB-. Also, Fitch rates Andres' national long-term rating AA(dom)/stable and the company's $270 million notes due 2026 BB-.

Andres plans to use the proceeds to refinance its $270 million notes due 2026 and to pay off a bank loan.

Fitch said it does not see the refinancing significantly affecting the issuer's credit metrics

The outlook is negative.

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