Fitch affirms Endesa-Chile

Fitch Ratings affirmed the international local and foreign currency ratings of Empresa Nacional de Electricidad SA at BBB- and the Chilean national scale rating has been affirmed at A+(chl).

The outlook is stable.

Fitch said the ratings and outlook of Endesa-Chile reflect the successful financial strategy implemented by the company and its parent, Enersis, during 2003 and early 2004, which resulted in an improved capital structure and increased financial flexibility, consistent with Fitch's expectations.

The ratings of Endesa-Chile are also supported by its portfolio of efficient, low-cost hydroelectric-generation operations, leading regional market positions and sound business strategy.

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