Fitch says Albanesi view is negative

Fitch Ratings said it affirmed Albanesi SA's long-term foreign currency and local currency issuer default ratings at B-.

The senior unsecured notes co-issued by Central Termica Roca and Generacion Mediterranea SA and guaranteed by Albanesi were affirmed at B-.

The ratings were removed from rating watch negative and assigned a negative outlook.

“The negative outlook reflects the company's tight FFO debt service coverage ratio over in the next 12 to 18 months, assuming there are no payment delays over 51 days from Compania Administradora del Mercado Mayorista Electrico (Cammesa), and the general uncertainty of its ability to refinance upcoming maturities of $106 million between 2019 and 2020 and an additional $71.9 million in commercial debt during the same period,” the agency said in a news release.

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