...Difficult 2014: In the LTM ended June 30, 2014, AES Gener S.A. (Gener) reported consolidated adjusted EBITDA of USD574 million, which was 8% weaker than 2013 results and down 15% versus 2012. The results are below Fitch Ratings' expectations, and the main drivers for the weakness in 2014 are: lower availability of Gener's efficient coal plants due to scheduled maintenance at the Ventanas coal complex; lower contract prices in Chile; and lower energy sales in Argentina. Improved Second Half Expected: Fitch expects results to improve in second-half 2014 given the full availability of the company's coal plants during the period. The plants under maintenance in the Ventanas complex are back in service. In addition, contract prices in Chile reset at the end of the second quarter, which will help provide tailwinds for Gener's second-half results. Fitch does expect Argentina sales to continue to be negatively affected by a continued currency devaluation and economic slowdown. Aggressive Expansion:...
