October 31, 2022
Fitch Ratings said Friday that it downgraded the Chilean division of French utility company Engie to BBB from BBB+ on expectations of elevated debt levels and tighter liqudity.
Fitch also cut Engie Energía Chile's local ratings by one notch to AA-(cl) and assigned a stable outlook to both sets of ratings, it said in a report.
According to Fitch, Engie Energía Chile's debt levels are expected to rise to 6.2 times EBITDA by the end of 2022 and remain around 3.5 times EBITDA from 2023 to 2025, whil
Rating agency cuts the French utility's subsidiary to BBB on elevated debt levels