...Fitch Ratings affirms the `BBB-' rating of the tax-exempt and taxable bonds issued by Puerto Rico Industrial, Tourist, Educational, Medical, and Environmental Control Facilities Financing Authority for AES Puerto Rico L.P. (AES-PR). Fitch has evaluated AES-PR's credit quality on a stand-alone basis, independent of the credit quality of its owner, AES Corporation (issuer default rating [IDR] of `B+' with a Stable Outlook by Fitch). The rating reflects contracted revenues, generally stable operating performance and financial structure, and protection consistent with an investment-grade rating. The rating also includes availability risk, heat rate risk, and ash management costs not directly reimbursed by the power purchase agreement (PPA). Revenue stability derives from the PPA with Puerto Rico Electric Power Authority (PREPA; IDR of `BBB+' with a Stable Outlook by Fitch), which extends beyond the term of the rated debt. The PPA is a modified tolling agreement subject to an average availability...
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