...Downside Scenario Analysis: Fitch Ratings presents a series of scenarios designed to assess the resilience of AES Gener's credit profile at the current rating level of `BBB¡' with a Rating Watch Negative (RWN) and what situation would stress the rating enough to be downgraded. Fitch does not consider this scenario likely given the company's recent actions to strengthen its capital structure. Fitch expects to resolve the RWN once AES Gener announces whether it will continue construction of Alto Maipo or terminate the project. Consolidated View Takes Precedence: The main analysis was performed on a consolidated basis, including Alto Maipo, given the expectations AES Gener will retain control of Alto Maipo, if the project continues, as the power plant will remain a key asset under the group's control. Data were viewed on a proportionate basis and analyzed on a recourse versus nonrecourse basis. Debt Prepayments and Dividend Reductions: Fitch does not expect any effect on AES Gener's ratings...
