Feller Rate ratified the “AAA” rating assigned to the solvency and bonds of the Dominican Power Partners (AES Andrés-DPP) generator of the AES Dominicana Group.
The rating outlook for the electricity producer is “Stable,” according to the rating agency.
A report issued this week indicates that the “AAA” rating is due to the solid solvency of the economic and business unit comprised of AES Andrés and DPP, highlighting the ownership, administration and commercial contract structures, as well as the cross-guarantees between the two.
Also taken into account is the support of its controlling company, AES Corporation, rated “BBB-/Stable” on an international scale, which provides operational and financial support to its operating subsidiaries.
AES Corporation is one of the world’s leading energy and infrastructure companies, with a presence in 14 countries and sales of nearly US$10 billion.
This company shows a high degree of integration with its subsidiaries, granting them access to international suppliers and contractors, as well as international financing.
DPP’s business profile is based on its relevant position in the Dominican Republic’s energy market, with an installed capacity of 359 MW and long-term PPA contracts indexed to fuel costs.
Furthermore, it has a solid financial position, supported by robust liquidity and moderate long-term debt.
To date, AES Andrés-DPP has secured a new Liquefied Natural Gas (LNG) supply contract for the coming years.
AES Dominicana has signed three new energy and capacity supply contracts with distribution companies for 225 MWh.
Additionally, it has promoted the increase in installed capacity with renewable energy through the Bayasol, Santanasol and Agua Clara plants, as well as the Mirasol and Peravia projects under construction, all with long-term PPAs.
