Fitch affirms Transelec

Fitch Ratings said it affirmed the following ratings for Transelec SA: foreign currency issuer default rating at BBB-, local currency issuer default rating at BBB-, Yankee bonds due 2011 at BBB-, national-scale rating at A(Chl) and local bonds series B, C, D at A(Chl).

The outlook is stable.

The agency said that Transelec's investment-grade ratings reflect the company's low business risk profile as an electric transmission utility.

The company's revenues and cash flow are extremely stable and are concentrated in financially solid generation companies with investment-grade ratings, Fitch noted.

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