Engie Energia Chile S.A. 'BBB' Rating Affirmed And Off CreditWatch Negative On Improved Liquidity; Outlook Stable

Chilean power generator Engie Energia Chile S.A. (Engie Chile) has improved its liquidity position after signing a 10-year loan for up to $400 million--of which $200 million is already disbursed--and receiving $200 million from the monetization of its accounts receivables on Aug. 30, 2023. On Sept. 11, 2023, S&P Global Ratings affirmed its 'BBB' issuer and issue-level credit ratings on the company and removing the ratings from CreditWatch with negative implications, where we placed them on March 31, 2023. The stable outlook incorporates our view that Engie Chile is a strategically important subsidiary of its parent company, Engie S.A. (BBB+/Stable/A-2), which will likely provide support in most foreseeable circumstances. The stable outlook also reflects our expectations that the company's sources

...September 11, 2023 - Chilean power generator Engie Energia Chile S.A. (Engie Chile) has improved its liquidity position after signing a 10-year loan for up to $400 million--of which $200 million is already disbursed--and receiving $200 million from the monetization of its accounts receivables on Aug. 30, 2023. - On Sept. 11, 2023, S&P Global Ratings affirmed its '###' issuer and issue-level credit ratings on the company and removing the ratings from CreditWatch with negative implications, where we placed them on March 31, 2023. - The stable outlook incorporates our view that Engie Chile is a strategically important subsidiary of its parent company, Engie S.A. (###+/Stable/A-2), which will likely provide support in most foreseeable circumstances. The stable outlook also reflects our expectations that the company's sources of cash will remain at least 20% higher than uses in the next 12 months. SAO PAULO (S&P Global Ratings) Sept. 11, 2023--S&P Global Ratings took the rating action described...

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