Corporates www.fitchratings.com May 3, 2010 Analysts Ana Paula Ares +54 11 5235-8121 ana.ares@fitchratings.com Lucas Aristizabal +1 312 368-3260 lucas.aristizabal@fitchratings.com Related Research • Latin American Power 2010 Outlook: Continued Stability, Dec. 15, 2009 • Latin America Corporate Credit Sector Outlook, July 21, 2009 • Comparative Statistics Book 2009, June 9, 2009 Summary Latin American power companies have, for the most part, successfully weathered the financial market turmoil during the last two years, which has stressed the importance of maintaining adequate liquidity levels and conservative credit metrics. In 2009, companies in the power sector have accordingly been refinancing facilities and bonds well ahead of maturity while maintaining a liquidity cushion. In addition to the recovery of the external markets, the domestic financial markets have played a key role. Out of a universe of 65 power companies included in this report, 10 did not have sufficient liquidity to face 2010 long-term debt maturities as of December 2009; however, all except one enjoy a combination of proven access to the financing markets and strong parent/government support. Fitch’s Rating Outlook for the Latin America power companies’ remains broadly Stable for 2010 as stated in the outlook “Latin America Power Outlook” published in December 2009. Main drivers for the Stable Outlook include the rebound of electricity demand, adequate leverage with low refinancing needs, and consistent liquidity levels. Following a relatively flat regional electricity demand in 2009, Fitch expects a rebound in 2010 as the Latin American and the Caribbean GDP is expected to grow by 4.0% led by Brazil and Mexico. This could be a challenge for some countries that have tight supply balances such as Argentina, Venezuela, and some Central American countries. Other players seem to be in a better position to meet the demand growth such as Chile, Colombia, and Brazil. Politics and the regulatory environment will continue to play a key role to attract sector investments. This report takes a detailed look at the performance of 65 power companies within Latin America during the last three years, including their key credit strengths and concerns, liquidity positions as of December 2009, and upcoming debt maturities. The companies are listed within their subsectors: generation, distribution, transmission, and integrated. Global Power Latin America Special Report Latin America Power Sector 2009 Statistics Company Financial Trends and Liquidity Analysis Solid Corporates 2 Latin America Power Sector 2009 Statistics May 3, 2010 Latin America Power Sector Ratings Company Name IDR Outlook/ Watch Page Company Name IDR Outlook/ Watch Page Company Name IDR Outlook/ Watch Page Generation Distribution Transmission AES Dominicana Energia Finance, S.A. B− Stable 6 AES El Salvador S.A. de C.V. BB− Negative 18 Alupar Investimentos S.A. AA−(bra) Stable 19 AES Gener S.A. BBB−/A(cl) Stable 4 CGE Distribución S.A. AA−(cl) Stable 12 CGE Transmisión S.A. AA−(cl) Stable 19 AES Panama BBB− RWN 7 Chilquinta Energia S.A. AAA(col) Stable 18 Compañía de Transporte de Energia Electrica en Alta Tensión (TRANSENER) B− Stable 19 AES Tiete S.A. A+(bra) Stable 3 Codensa S.A. E.S.P. Stable 17 Interconexión Eléctrica S.A. E.S.P. AAA(col) Stable 20 Central Termica Loma de la Lata S.A. A−(arg) Stable 5 Companhia Energética do Maranhão S.A. A+(bra) Stable 10 ISA Capital do Brasil S.A. BB− Positive 20 Central Termica Piedra Buena S.A. BBB+(arg) Stable 5 Compañía de Alumbrado Eléctrico de San Salvador, S.A. de C.V. (CAESS) A+(slv) Stable 14 Transelca S.A. E.S.P. AAA(col) Stable 20 Colbun S.A. BBB/A+(cl) Stable 9 Compañía General de Electricidad S.A. (CGE) BBB−/ A+(cl) Stable 12 Transelec S.A. BBB−/A(cl) Stable 21 Emgasud S.A. BBB(arg) Stable 5 Compañía Nacional de Fuerza Eléctrica S.A.(Conafe) AA−(cl) Stable 13 Emgesa S.A. E.S.P (Colombia) AAA(col) Stable 6 Compañia Nacional de Fuerza y Luz, S.A. (CNFL) AAA(cri) Stable 14 Integrated Empresa de Generacion Electrica Fortuna S.A. BBB− RWN 7 Distribuidora de Electricidad del SUR, S.A de C.V. AA−(slv) Stable 15 Administracion Nacional de Usinas y Transmisio