Fitch affirms Endesa Chile

Fitch Ratings said it affirmed Empresa Nacional de Electricidad SA's short-term national scale rating at F1+ /AA(cl), its national equity rating at Primera Clase Nivel 1 and its foreign and local currency issuer default ratings for its $400 million of senior notes due 2013, $200 million of senior notes due 2015, $230 million of senior notes due 2027, $220 million of senior notes due 2037 and $40 million of senior notes due 2097 at BBB+.

Fitch also affirmed Endesa Chile's long-term national scale rating for its CLF 1.5 million of senior notes due 2022, CLF 4 million of senior notes due 2028, CLF 4 million of senior notes due 2027 and CLF 10 million of senior notes due 2029 at AA(cl).

The outlook is stable.

The ratings reflect Endesa Chile's increased stability in cash flow generation, moderate risk business profile due to a conservative commercial strategy and geographical diversification, constructive regulatory environment and strong financial metrics, Fitch said.

The ratings are constrained by possible environmental and/or political issues, regulatory uncertainties in Argentina and pressures from the shareholder Enel SpA.

As of September, Endesa Chile's net debt-to-EBITDA ratio was 1.8 times.

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