Fitch Affirms and Withdraws Ratings for Termocandelaria and Golden Americas

NEW YORK--()--Fitch Ratings has affirmed and withdrawn the following ratings of Termocandelaria Power Ltd. (Termocandelaria) and Golden Americas Ltd. (Golden Americas):

Termocandelaria:

--Foreign Currency (FC) and Local Currency (LC) Issuer Default Rating (IDR) at 'BB+'; Outlook Stable;

--Senior Secured Notes at 'BB+'.

Golden Americas:

--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Affirm and Withdraw: Fitch has simultaneously affirmed and withdrawn its ratings as the issuers prepaid their long-term debt and do not have long-term debt outstanding, and due to a lack of market interest.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'.

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=823557

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Primary Analyst:
Xavier Olave, +1-212-612-7895
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst:
Mario Irreno, +051 +3269999 ext. 1002
Associate Director
or
Committee Chairperson:
Lucas Aristizabal, +1-312-368-3260
Senior Director
or
Media Relations:
Elizabeth Fogerty, New York, +1 212-908-0526
elizabeth.fogerty@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst:
Xavier Olave, +1-212-612-7895
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst:
Mario Irreno, +051 +3269999 ext. 1002
Associate Director
or
Committee Chairperson:
Lucas Aristizabal, +1-312-368-3260
Senior Director
or
Media Relations:
Elizabeth Fogerty, New York, +1 212-908-0526
elizabeth.fogerty@fitchratings.com