Home Credit Ratings and Research Residential Mortgage-Backed Securities S&P Global Ratings’ Credit Research Isagen S.A. E.S.P.

Summary: ISAGEN, S.A. E.S.P.

Published May 12, 2014

1830 words — Published May 12, 2014

Price US$ 225.00 | Buy this Report Now

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Abstract:

Exposure to hydrological conditions; Ownership of a thermal plant that hedges hydrological risk; Low-cost power generator in the Colombian market; and Stable regulatory framework. Good but somewhat volatile cash flow generation due to its exposure to weather conditions; Significant debt; and Aggressive expansion strategy. The stable outlook on Colombian power generator ISAGEN, S.A. E.S.P. reflects our expectation that debt to EBITDA will remain less than 4.5x in 2014. We expect ISAGEN to deleverage from 2015 onwards as the company will likely substantially reduce capital expenditures (capex), with no significant projects immediately following the completion of the Sogamoso hydro plant. We could downgrade ISAGEN if it takes on more debt than we expect to finance its Sogamoso project or if the

Brief Excerpt:

RESEARCH Summary: ISAGEN, S.A. E.S.P. Publication date: 12-May-2014 Primary Credit Analyst: Maria del Sol S Gonzalez, CFA, New York (1) 212-438-4443; maria.gonzalezcosio@standardandpoors.com Secondary Contact: Jose Coballasi, Mexico...

Report Type:

Summary

Issuer

Isagen S.A. E.S.P.

GICS

Electric Utilities (55101010)

Sector

Global Issuers, Structured Finance

Country

Colombia

Region

Latin America

Format:

PDF

ISAGEN, S.A. E.S.P. 'BBB-' Rating Affirmed; Outlook Remains Stable – 2014/08/06 – US$ 150.00

Research Update: ISAGEN, S.A. E.S.P. 'BBB-' Rating Affirmed; Outlook Remains Stable – 2014/08/06 – US$ 225.00

Research Update: ISAGEN, S.A. E.S.P. 'BBB-' Credit Rating Affirmed, Outlook Remains Stable – 2015/07/22 – US$ 225.00

Research Update: ISAGEN, S.A. E.S.P. 'BBB-' Ratings Affirmed; Outlook Stable – 2016/07/21 – US$ 225.00

Research Update: ISAGEN 'BBB-' Rating Affirmed On Expected Recovery In Performance; Outlook Stable – 2017/07/21 – US$ 225.00

Bulletin: ISAGEN S.A. E.S.P. Ratings Unaffected By Colombia's Intention To Sell Its Majority Stake – 2013/08/20 – Free

ISAGEN Outlook Revised To Stable From Positive On Projected Weaker Financial Risk Profile; 'BBB-' Ratings Affirmed – 2013/07/18 – US$ 150.00

Research Update: ISAGEN Outlook Revised To Stable From Positive On Projected Weaker Financial Risk Profile; 'BBB-' Ratings Affirmed – 2013/07/18 – US$ 225.00

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Summary: ISAGEN, S.A. E.S.P." May 12, 2014. Alacra Store. May 17, 2024. <http://www.alacrastore.com/s-and-p-credit-research/Summary-ISAGEN-S-A-E-S-P-1316273>

APA:	S&P Global Ratings’ Credit Research. (). Summary: ISAGEN, S.A. E.S.P. May 12, 2014. New York, NY: Alacra Store. Retrieved May 17, 2024 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-ISAGEN-S-A-E-S-P-1316273>

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