AES Gener S.A. - Ratings Navigator

...Low government interference in utility regulations. Good quality reporting without significant failing. Consistent with the average of listed companies in major exchanges. Some group complexity leading to somewhat less transparent accounting statements. No significant related-party transactions. Good CG track record but effectiveness/independence of board less obvious. No evidence of abuse of power even with ownership concentration. Weighted average credit quality of actual and potential offtakers is in line with 'BBB' rating. Moderate exposure to price risk. Long-term contracts provide high revenue visibility and most costs variations are passed through. Balanced framework between end users' and sector participants' needs. It seeks low tariffs for users and attractive return on capital....

Navigator