Fitch upgrades E-CL to BBB

Fitch Ratings said it upgraded the foreign and local currency issuer default ratings of E-CL SA to BBB from BBB- and its long-term national scale rating to A+(cl) from A(cl).

These actions affect about $400 million of outstanding international bonds.

The outlook was revised to stable from positive.

Fitch said the upgrade reflects E-CL's improving financial profile and expectations that the company will continue registering strong financial results in the near to medium term. In 2012, the company's cash flow generation was hurt by an indexation mismatch in fuel costs for its contract with Emel. This situation reversed and E-CL's cash flow generation has significantly improved over the last 18 months, the agency said.

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