S&P Lowers Colombia Utilities, Projects Rtgs to 'BB+'.NEW YORK--(BUSINESS WIRE)--Sept. 21, 1999-- Standard & Poor's today lowered the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. foreign currency ratings of several Colombian utilities and project financings Project financing A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis. as well as the Capital District of Santa Fe Santa Fe, city, Argentina Santa Fe, city (1991 pop. 341,000), capital of Santa Fe prov., NE Argentina, a river port near the Paraná, with which it is connected by canal. de Bogota to double-'B'-plus' from triple-'B'-minus. The local currency rating of Interconexion Electrica S.A. E.S.P. (ISA (1) (Instruction Set Architecture) See instruction set. (2) (Interactive Services Association) See Internet Alliance. (3) (Internet Security and Acceleration) See .NET. ) is lowered to triple-'B'-plus from single-'A'-minus, while local currency ratings assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. to other entities are affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. , as shown in the table below. These actions follow the lowering of the foreign and local currency ratings of the Republic of Colombia to double-'B'-plus from triple-'B'-minus and triple-'B'-plus from single-'A'-minus, respectively. The foreign and local currency outlooks on the Republic were revised to stable from negative, as are those of the foreign currency ratings of the three project financings (Centragas-Transportadora De Gas De La Region Central, Compania De Desarrollo Aeropuerto Eldorado S.A. and TransGas de Occidente S.A.), and the issuer credit ratings of ISA, Valle Energy Ventures, Inc. and Empresa de Energia del Pacifico S Pa`ci´fi`co n. 1. A peaceful person; - applied specif. by the Spaniards to the natives in Cuba and the Philippine Islands who did not oppose the Spanish arms. .A., E.S.P. The local currency outlooks assigned to the latter two entities are also stable. The negative outlooks assigned to the foreign and local currency ratings of Bogota remain negative reflecting concerns about lower tax collections resulting from the deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. of the local economy and potential changes to the intergovernmental in·ter·gov·ern·men·tal adj. Being or occurring between two or more governments or divisions of a government. in transfer system. Further, the local currency rating of ISA remains on CreditWatch negative based on the weaker than expected financial ratios and the effect of the continuing devaluation devaluation, decreasing the value of one nation's currency relative to gold or the currencies of other nations. It is usually undertaken as a means of correcting a deficit in the balance of payments. of the peso on foreign-currency denominated debt service. The local and foreign currency ratings of Empresas Municipales de Cali S.A. (EMCALI) also remain on CreditWatch Negative due to concerns about the financial difficulties faced by the utility due to the poor economic conditions in Cali. The double-'B' rating assigned to TermoEmcali Funding Corp.'s $165 million senior secured notes due 2015 are unaffected by these revisions. The CreditWatch negative placement on these bonds reflects uncertainties about EMCALI's ability and willingness to make capacity payments under the power purchase agreements.---CreditWire -0-
Issuer Credit Rating From To
Bogota, Capital District
of Santa Fe de
ICR Foreign Curr. BBB-/Neg/-- BB+/Neg/--
ICR Local Curr. BBB-/Neg/-- BBB-/Neg/--
Empresas Municipales
de Cali S.A.
ICR Foreign Curr. BBB-/Watch Neg/-- BB+/Watch Neg/--
ICR Local Curr. BBB-/Watch Neg/-- BBB-/Watch Neg/--
Empresa de Energia del Pacifico S.A.E.S.P.
ICR Foreign Curr. BBB-/Neg/-- BB+/Stable/--
ICR Local Curr. BBB/Stable/-- BBB/Stable/--
Interconexion Electrica
S.A.E.S.P.
ICR Foreign Curr. BBB-/Neg/-- BB+/Stable/--
ICR Local Curr. A-/Watch Neg/-- BBB+/Watch Neg/--
Valle Energy Ventures, Inc.
ICR Foreign Curr. BBB-/Neg/-- BB+/Stable/--
ICR Local Curr. BBB-/Stable/-- BBB-/Stable/--
Issue Rating From To
Centragas-Transportadora
de Gas de la Region Central
$172 mil sr secd nts BBB-/Neg BB+/Stable
Compania de Desarrollo
Aeropuerto Eldorado
$116 mil nts BBB-/Neg BB+/Stable
Transgas de Occidente S.A.
$240 mil sr sec nts BBB-/Neg BB+/Stable
RATINGS AFFIRMED
Issuer Credit Rating Foreign Currency
TermoEmcali Funding Corp.
$165 mil sr sec nts BB/Watch Neg
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