...Fitch Ratings affirmed the Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) of Colbun S.A. at `BBB' and its Long-Term National Scale Rating at `AA¡(cl)' on Aug. 13, 2019. The Rating Outlook was revised to Positive from Stable. Colbun's ratings are supported by its solid business position in the Chilean electricity market and its strong portfolio of diversified generation assets. Fitch expects Colbun to maintain adequate liquidity in the medium term, supported by strong and predictable cash flows. The Positive Outlook reflects Fitch's view that Colbun has strengthened its credit profile within its `BBB' rating, based on the company's improved capital structure, strong operating performance and EBITDA generation in the medium term, and robust liquidity position. Fitch believes Colbun will maintain an adequate contractual position in the long term, with a shift toward more renewable energy projects in 2019¡2022, combined with positive annual FCF averaging approximately USD160...
