Fitch shifts AES Andres view to stable

Fitch Ratings said it affirmed AES Andres BV's long-term foreign-currency issuer default rating at BB- and revised the outlook to stable from negative. The agency also affirmed Andres' $300 million of notes due 2028 at BB- and its national scale rating at AA(dom).

“The ratings consider the combined operating assets of Andres and Dominican Power Partners (DPP; jointly referred to as AES Dominicana), which are joint obligors of Andres's $300 million notes due 2028,” Fitch said in a press release.

“The combined credit metrics for Andres and DPP are strong for the rating category, with expected 2021 EBITDA of $273 million for the combined companies. Fitch expects 2021 debt to EBITDA to be 2.4x, down slightly from 2.7x in 2020, following issuance of new notes,” the agency said.

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