June 15, 2020
Fitch Ratings said it upgraded the Chilean business of the French electric utility company Engie to BBB+ from BBB on the "view that the company has strengthened its credit profile."
Engie Energia Chile has contracted 100% of revenues through 2028 with an average of 12 years left in its power purchase agreements (PPAs), mostly in the mining sector. It has completed a $2.2 billion expansion plans and it is expected to keep debt at two times EBITDA from 2020 to 2022, Fitch listed as reasons for the
Rating agency rewards electric utility company for halving debt levels since 2017