S&P affirms AES Gener

S&P said it affirmed its BBB- global scale and clA Chilean national scale corporate credit ratings on AES Gener SA.

The agency also affirmed the BB rating on its junior subordinated bonds due 2073.

The outlook remains stable.

S&P said the affirmation reflects an expectation that AES Gener's leverage and liquidity will remain in line with the agency’s expectations despite the additional equity of $400 million into the 531-megawatt hydroelectric project, Alto Maipo.

This is mainly because of several offsetting measures that AES Gener has implemented, including the cash tender offer of international bonds for $328 million at the end of 2017, the sale of the non-core asset, Sociedad Electrica Santiago SpA for $307 million and a reduction in dividend payments in 2018, the agency explained.

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