Leverage Knocks CGE Rating (2)

Leverage Knocks CGE Rating (2)

Fitch has downgraded Compania General de Electricidad (CGE) to BBB (stable) from BBB+ because of higher than expected leverage levels. “While it was expected a consolidated leverage reduction in order to present a debt-to-Ebitda ratio below 5.0x by the end of 2009 and below 4.0x in 2011, after the new power generation assets purchase in September 2009, CGE will post a debt-to-Ebitda ratio near 5.7x and consolidated debt of approximately $3.2bn as of December 31,” says the agency. Fitch expects C

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