Fitch affirms Enersis

Fitch Ratings said it affirmed Enersis SA's foreign and local currency issuer default ratings at BBB+ and its long-term national scale rating at AA(cl).

Fitch also affirmed the company's $350 million of senior notes due 2016, $350 million of senior notes due 2014 and $150 million of senior notes due 2026 at BBB+; its CLF 2.5 million of senior notes due 2022 and CLF 12.5 million of medium-term notes at AA(cl); its short-term national scale rating at F1+/AA(cl) and its national equity rating at Primera Clase Nivel 1.

The outlook is stable.

Enersis' ratings reflect its strong business platform and moderate risk business profile based on the increased cash flow stability from its generation business unit, healthy organic growth of its distribution segment and strong financial metrics, Fitch said.

The ratings are constrained by possible environmental and/or political issues, regulatory uncertainties in Argentina, pressures from the shareholder Enel SpA and the company's dependence on dividend payments from its subsidiaries to repay its own debt and incorporate the seasonal and regional cash flow volatility, the agency said.

As of September, Enersis' net debt-to-EBITDA ratio was 1.6 times.

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