Fitch might lower AES Andres

Fitch Ratings said it placed AES Andres BV's long-term foreign currency issuer default rating of BB- and its national scale long-term rating of AA(dom) on rating watch negative.

The $270 million of notes due 2026 rated BB- were also placed on rating watch negative.

“The negative rating watch reflects the uncertainty surrounding the near-term financial impacts of a lightning strike that disabled AES Andres's generation units on Sept. 3, 2018,” the agency said in a news release.

“The company maintains insurance for both business interruption and for property damages. However, until the technical assessment of the damage is complete, the related costs and the duration of the plant outage will be unclear.”

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