Moody's rates AES Gener notes Ba2

Moody's Investors Service said it assigned a Ba2 rating to AES Gener SA's proposed issuance of up to $450 million of junior subordinated capital notes due 2073 and affirmed Gener's Baa3 senior debt rating. The outlook is stable.

Gener will use the proceeds to repay its $147 million outstanding senior notes due March 15, 2014 and to aid in the funding of new projects and other general corporate purposes.

The agency said Gener's Baa3 rating reflects its role as the second largest power generation company in Chile, its somewhat geographically diversified operations and adequate liquidity profile.

The rating is tempered by the inherent risks associated with the company's plans to continue expanding its fleet in order to meet growing power demand in Chile and Colombia, Moody's said.

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