Moody’s Upgrades Colombia’s Chivor

AES Chivor & Cia (Chivor), a Colombian power generation company, has been upgraded by Moody’s to Ba1 from Ba2. The outlook is stable. The upgrade reflects the company’s strong financial performance and stable cashflow. This is offset by the company’s business concentration risk, as it owns a single asset with a single asset in one geographic region, adds the ratings agency. Moody’s says it expects the company to continue to report strong credit metrics, and to continue to be free cash flow positive over the near to medium term.