S&P upgrades E-CL

Standard & Poor's said it raised the ratings on E-CL SA, including the corporate credit rating to BBB from BBB-.

The agency said it removed all of the ratings from CreditWatch, where it was placed with positive implications in November.

The outlook is stable.

The ratings reflect the company's satisfactory business risk profile and intermediate financial risk profile, S&P said.

E-CL's business risk profile mainly benefits from its strong market position in Chile's Northern Interconnected System with about a 54% market share in terms of installed power generating capacity, diversified capacity mainly through coal and natural gas fired units, large portfolio of power sale contracts with solid counterparties and a sale pricing mechanism that allows to pass-through fuel costs to its customers, the agency said.

The ratings also consider the competitive pressures from other large power generators and volatile market conditions, S&P said.

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