Fitch affirms AES Gener

Fitch Ratings said it affirmed AES Gener's BBB- long-term foreign and local currency issuer default ratings, BB outstanding junior subordinated long-term notes and A+(cl) national scale rating.

The outlook is stable.

The agency said the actions follow the completion of the Alto Maipo financial restructuring process, whereby AES Gener and Strabag reached an agreement to complete the Alto Maipo project under a fixed lump-sum amount.

The stable outlook is driven by AES Gener's commitment to complete the Alto Maipo project with no additional debt at the corporate level, Fitch said.

The agency said it sees as a positive for AES Gener's credit quality the company's commitment to support its capital structure by embarking on a debt repayment program of up to $528 million.

This is reflected in the company's purchase of $328 million of existing bonds during fourth-quarter 2017 and the recent tender for $200 million during July, Fitch said.

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