...TermoCandelaria Power, S.A.'s (TPL) ratings at `BB' reflect the strategic importance of its assets for Colombia's Atlantic coast, as it provides consistent peaking availability amid chronic energy transmission constraints. The ratings further reflect the combined operations of its operating subsidiaries, Termobarranquilla S.A. E.S.P. (TEBSA) and Termocandelaria S.C.A. E.S.P. (TECAN), competitive market position and a limited contracted position. TPL's Positive Outlook reflects sustained leverage (gross debt to EBITDA) of 3.3x, solid liquidity and moderate capital expenditure (capex) needs following the company's successful debt reduction and maturity extension. Metrics should trend favorably relative to Fitch Ratings' 'BB' category medians going forward....
