S&P shifts AES Andres view to negative

S&P said it changed AES Andres BV’s outlook to negative from stable and affirmed its BB- ratings.

The actions follow the agency’s outlook change to negative and affirmation of the Dominican Republic’s BB- foreign- and local-currency ratings, S&P said.

“In line with the rating action at the sovereign level, we revised AES Andres' outlook to stable from negative because we don't consider that we could rate the company above the sovereign, given the sector's reliance on government subsidies to compensate for electricity losses and low tariffs,” the agency said in a press release.

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