...Fitch Ratings affirmed Transmissora Alianca de Energia Eletrica S.A.'s (Taesa) Long-Term (LT) Foreign Currency (FC) Issuer Default Rating (IDR) at `BB' and LT Local Currency (LC) IDR at `BBB¡'. Fitch affirmed Taesa's National Long-Term Rating (NLTR) at `AAA(bra)'. The Rating Outlook for the IDRs is Negative, while the Rating Outlook for the NLTR is Stable. Taesa's ratings reflect low business risk relative to a strong and diversified portfolio of power transmission assets, with predictable revenues, high operating margins and robust cash flow from operations (CFFO) derived from long-term concession contracts in Brazil. Positively, none of the 39 concessions the company participates in expire before 2030, which provides sustainability to operations. Taesa should maintain an adequate liquidity profile and low leve ra g e f or the industry, despite a peak in 2020, due to higher investments and meaningful dividend payments, which should lead to negative FCF in the year. The company's LT FC...
