Fitch affirms AES Panama

Fitch Ratings said it removed from Rating Watch negative and affirmed AES Panama's foreign-currency and local-currency issuer default ratings at BBB-. The action applies to about $300 million of notes outstanding due in 2016.

The outlook is stable.

The ratings reflect subsiding regulatory risks after the government of Panama retracted its intention to implement hefty water-usage taxes for hydroelectric generation companies, Fitch said.

The ratings are supported by the company's strong portfolio of assets with a competitive dispatch position and its contractual position, the agency said.

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