Despite low hydrology in the region, Colombian power generator ISAGEN's financial performance has remained in line with our expectations. The Sogamoso project construction continues on time, which should start operations in the fourth quarter of 2014. 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 peak in 2014 at about 4.5x and quickly drop to less than 3.0x in 2016 as the company deleverages with its own cash flow generation. On Aug. 6, 2014, Standard&Poor's Ratings Services affirmed its 'BBB-' corporate credit ratings on ISAGEN, S.A. E.S.P. (ISAGEN). The outlook is stable. The rating reflects the company's 'bbb-' stand-alone credit
