Research Update: Engie Energia Chile 'BBB' Ratings Affirmed On Expectation Of Solid Operating And Financial Performance, Outlook Stable

Even assuming a peak in debt levels in the upcoming year to finance an ambitious capex plan, we expect Engie Energia Chile's debt to EBITDA ratio to remain at the maximum at around 3.5x in 2017, with a drop in the second half of 2018. We're affirming our 'BBB' ratings on Chilean power generator Engie Energia Chile S.A. and on its senior unsecured notes. The stable outlook reflects our expectation that the company will continue to generate stable EBITDA in the $280 million range in 2017, backed by solid power purchase agreements (PPAs) with creditworthy counterparties, with increases thereafter. On July 19, 2017, S&P Global Ratings affirmed its 'BBB' ratings on Engie Energia Chile S.A. (Engie Energia Chile; formerly E-CL

...+ Even assuming a peak in debt levels in the upcoming year to finance an ambitious capex plan, we expect Engie Energia Chile's debt to EBITDA ratio to remain at the maximum at around 3.5x in 2017, with a drop in the second half of 2018. + We're affirming our '###' ratings on Chilean power generator Engie Energia Chile S.A. and on its senior unsecured notes. + The stable outlook reflects our expectation that the company will continue to generate stable EBITDA in the $280 million range in 2017, backed by solid power purchase agreements (PPAs) with creditworthy counterparties, with increases thereafter....

Research Update