We expect ISAGEN to continue generating strong cash flows due to normalized hydrological conditions in Colombia and cautious commercial strategy, maintaining EBITDA margins at around 50% after a weak performance in 2016. We're affirming our 'BBB-' corporate credit rating on the Colombia-based power generation company. The outlook remains stable, reflecting our expectation that ISAGEN's debt to EBITDA will remain in the range of 2.5x–3.0x in the next two years and that the company will distribute a significant amount of dividends to its shareholder. On May 25, 2018, S&P Global Ratings affirmed its 'BBB-' corporate credit rating on ISAGEN, S.A. E.S.P. The outlook remains stable. The rating affirmation reflects our expectation that ISAGEN, Colombia's third-largest electricity generator with 3,032 megawatts (MW)
