Despite low hydrology in the region, Colombian power generator ISAGEN's financial performance has remained in line with our expectations. The Sogamoso project started operating in December 2014 as expected and within budget. We are affirming our 'BBB-' corporate credit rating on ISAGEN. The rating action and stable outlook reflect our expectation that the company's net debt to EBITDA will begin to fall in 2015 and afterwards as Sogamoso's production boosts the company's EBITDA and cash flow generation. On July 22, 2015, Standard&Poor's Ratings Services affirmed its 'BBB-' corporate credit rating on ISAGEN, S.A. E.S.P. (ISAGEN). The outlook remains stable. The rating affirmation reflects that the company's financial performance has been in line with our expectations and the 'bbb-'
