...Improvement Expected in Credit Metrics: AES Gener S.A.'s credit metrics remain pressured for the rating level given the company is in the middle of an aggressive expansion plan. Fitch Ratings expects the company's metrics will steadily improve over the next three years and will be more in line with a `BBB¡' rating as projects under construction become significant contributors of EBITDA. As of Dec. 31, 2016, gross leverage was 4.8x, which Fitch expects to improve to 3.5x by 2020 after Alto Maipo records a full year of operations. Low Business Risk: The ratings reflect AES Gener's low business risk resulting from a balanced contractual position and a diverse portfolio of generation assets, supporting cash flow generation stability and predictability. The ratings recognize the company's major plants operate under constructive regulatory environments in Chile and Colombia. Credit risks include possible environmental and/or political issues, which could result in cost overruns or additional...
