Fitch upgrades AES Gener

Fitch Ratings said it upgraded AES Gener's foreign-currency issuer default rating to BBB from BBB-, local-currency issuer default rating to BBB from BBB-, international debt issuance rating to BBB from BBB-, national long-term rating to A+(cl) from A(cl) and national debt issuances rating to A+(cl) from A(cl).

Fitch also said it affirmed the company's national equity rating at nivel 2 (cl).

The outlook is stable.

The upgrades reflect the operational and financial improvement AES Gener has achieved to date and incorporates the expectation that the company's cash flow will stabilize and that solid credit metrics will be maintained over the medium term, Fitch said.

The ratings also are supported by the company's diverse portfolio of generating assets and major operations under constructive regulatory environment, the agency said.

Credit risks include a moderately over-contracted position in 2012, along with possible environmental or political issues, Fitch said.

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