...Fitch Ratings affirmed at `BBB' the USD250 million senior secured notes issued by Parque Eolico Marcona S.A.C. (Marcona) and Parque Eolico Tres Hermanas S.A.C. (Tres Hermanas). The rating reflects the project's long-term fixed-price, inflation-adjusted power purchase agreements (PPAs) with Peru's energy system operator, lack of curtailment exposure, moderate operating risk and typical project finance debt structure. The assets have high historical availability rates and power production, performing mostly above the P-50 scenario. Due to the El Ni±o weather phenomenon, generation declined below P-90 levels from January to August 2026. Fitch expects El Ni±o to continue affecting Peru through early 2027. Fitch's rating case incorporates El Ni±o-related weather conditions through the first months of 2027, with a projected minimum debt service coverage ratio (DSCR) of 1.24x in 2026. Fitch expects DSCR to recover thereafter to an average of 1.50x, above the current rating threshold....
