This rating is in line with
KEY RATING DRIVERS
Low Business Risk Profile: The investment grade ratings of
Operating Performance Remains Stable: The company generates stable and predictable cash flows from operations due to the nature of its business and the strengths of the regulatory environment. EBITDA has increased over the past years to approximately
Debt Profile to Improve After Proposed Issuance: Following the proposed refinancing,
High Dividends Expected to Continue:
Client Base to Shift Gradually: At present
Future developments that may, individually or collectively, lead to a negative rating action include: the maintenance of leverage ratio at or above peak levels (6.5x); a change in the company's strategy that becomes more aggressive in terms of leverage, dividends, and capital expenditures; movements beyond the expected debt levels, liquidity, and operational earnings; or a change in the regulatory framework.
Although unlikely in the near term given the company's capital structure profile, a positive rating action could be considered if the company decreases its leverage strategy.
Additional information is available at 'www.fitchratings.com'.
-'Corporate Rating Methodology' (
Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage
+56 2 2499 3316
+56 2 2499 3310
Source: Fitch Ratings
Most Popular Stories
- Americans Still Pessimistic Despite Economic Growth
- GE Capital and Petters-Related Fund in Legal Battle
- Even With Surly 2014 Electorate, It's 'Still an Incumbent's World'
- California Conservation Conundrum: Water Use Varies Greatly Across State
- Combating Online Abuse Not Easy for Gamers
- Feds Want Nuclear Waste Train, but Nowhere to Go
- Detroit Raced Toward this Week's Bankruptcy Trial
- New Hershey's Logo Revealed
- Buyer's Remorse on Common Core for Policymakers?
- Obama on Labor Day: Don't Take Rights for Granted