AES Panama, S.R.L. - Ratings Navigator

...Moderate government Interference in utility regulations. Good quality reporting without significant failing. Consistent with the average of listed companies in major exchanges. Complex group structure or non transparent ownership structure. Related-party transactions exist but with reasonable economic rationale. 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. High price risk exposure and/or long and uncertain cost pass-throughs. Company operates with some exposure to spot price volatility. Regulatory framework is moderately biased toward the needs of end users at the expense of sector participants....

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