NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed and withdrawn the following ratings of Termocandelaria Power Ltd. (Termocandelaria) and Golden Americas Ltd. (Golden Americas):
--Foreign Currency (FC) and Local Currency (LC) Issuer Default Rating (IDR) at 'BB+'; Outlook Stable;
--Senior Secured Notes at 'BB+'.
--FC IDR at 'BB'; Outlook Stable
--Senior Secured Notes at 'BB'.
KEY RATINGS DRIVERS
Affirm and Withdraw: Fitch has simultaneously affirmed and withdrawn its ratings as the issuers prepaid their long-term debt and do not have long-term debt outstanding, and due to a lack of market interest.
The affirmation for Termocandelaria's ratings reflects the company's strong credit metrics characterized by low leverage levels, stable and predictable cash flow generation, a somewhat diversified asset base and relatively strong market share position in Colombia's thermoelectric generation capacity. Also factored into the ratings are the company's relatively modest liquidity levels and moderate exposure to credit availability to finance potential working capital needs. Termocandelaria's ratings reflect the combined financial and operational profile of its two subsidiaries - Termocandela and TEBSA, in which the company holds a 100% and 57% participation, respectively.
Additional information is available at 'www.fitchratings.com'.