...Strong Power Purchase Agreements: Empresa Electrica Angamos S.A.'s (Angamos) ratings are supported by the strength of the company's power purchase agreements (PPA), which have a weighted average investment-grade credit quality. Angamos is fully contracted and the PPAs average 14 years of tenure with stable, fixed monthly capacity charge structures. The PPAs allow for the full pass-through of variable costs, including fuel and nonfuel costs, and certain changes in laws. Stable FCF: Fitch Ratings projects average capex of USD9 million per year, with FCF averaging approximately USD30 million per year during the next five years. As the company's PPAs are designed to generate stable payments, Angamos generated positive FCF since its first full year of operations in 2012. During the last three years, the company's capex declined to maintenance levels of USD5 million¡USD10 million. Stable Financial Results: In first-half 2016, EBITDA generation totaled USD62.3 million, 19% higher year over year...
