Fitch downgrades AES Gener to BBB-

Fitch Ratings said it downgraded AES Gener SA's foreign and local currency issuer default ratings and senior unsecured debt to BBB- from BBB.

The actions affect about $537 million of outstanding Yankee bonds due 2014 and 2021.

The outlook is stable.

At the same time, the agency affirmed Gener's national scale equity rating at Primera Clase Nivel 2 (cl) and long-term rating at A+(cl), outlook stable, and the BB long-term rating of Gener's $450 million of hybrid notes due 2073.

Fitch said the downgrade follows Gener's closing of the financing for the Alto Maipo project and the successful issuance of $450 million junior subordinated (hybrid) notes due in 2073. These issuances will result in higher than previously expected consolidated leverage levels that will be more in line with the BBB- rating.

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