...Improved Financial Results: In the first half of 2016, AES Gener S.A.'s EBITDA generation totaled USD345 million, up 11% on a year-over-year basis. This improvement was driven by outstanding performance in Chile, especially in the Northern Interconnected System (SING), where the company recorded higher margins due to new contracts with better terms and exports to Argentina. In the Central Interconnected System (SIC), improved margins were assisted by higher unregulated demand and increased spot sales. Robust Expansion Spending: The company is in the second phase of an expansion, which involves five major projects under construction that will increase installed capacity by 25%, with a total investment cost of USD4 billion. Along with significant execution risk, Fitch Ratings believes the expansion plan will continue to result in negative pressure on the company's FCF generation and credit metrics. Positively, AES Gener has an extensive history of finishing major projects on time and on budget....
