Fitch Affirms Trinidad Generation Unlimited’ s Debt at 'BBB-'

• Fitch Ratings on 29 October 2018 affirmed Trinidad Generation Unlimited's (TGU) senior unsecured debt at 'BBB-'.
• The rating on the notes reflects TGU's importance to the country's energy matrix and operational integration with its ultimate parent, the Government of the Republic of Trinidad & Tobago.
• Additionally, the rating is supported by the highly stable cash flows derived from the 720MW generation plant fully contracted position under a long-term Power Purchase Agreement (PPA) with Trinidad and Tobago Electricity Commission.
• Payments under the PPA are guaranteed by the government. On a standalone basis, TGU would be similarly rated considering its position relative to other availability-based utilities and its current counterparty risk.

Source: Fitch