Fitch rates AES Changuinola bonds A+(pan)

Fitch Ratings said it assigned AES Changuinola SA an initial A+(pan) long-term national scale rating and an A+(pan) rating to its $470 million bonds.

The outlook is stable.

Fitch said the ratings reflect the competitive dispatch position of AES Changuinola, and the relevance of the company's operation to supply energy as contracted by AES Panama, SA.

The ratings consider the financial profile characterized by stable cash flows coming from a strong credit quality profile of its unique offtaker, a physical contract with fixed prices through 2022, a moderate level of leverage projected, and no foreign-exchange risk. The ratings also reflect the company's exposure to hydrology risk, the regulatory risk and favorable macroeconomic conditions, the agency said.

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