This report does not constitute a rating action. BUENOS AIRES (S&P Global Ratings) Nov. 4, 2026--S&P Global Ratings today said that Aguas Andinas S.A.'s decision to use available cash to partially repay its upcoming Series AA bonds supports its ongoing liability management strategy amid more volatile and expensive funding conditions. While our base case assumed the company would refinance these maturities, we now expect it to reduce gross debt instead. We continue to expect net debt to EBITDA will remain about 3.5x over the next two years, as the reduced debt should broadly offset the use of cash. In addition, the lower debt balance should modestly improve interest coverage by reducing interest expenses. On Nov. 4, 2026, Aguas Andinas
