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Fitch affirms Transelec
Fitch Ratings said it affirmed Transelec SA's foreign- and local-currency issuer default ratings at BBB- and Yankee bonds due in April 2011 at BBB-.
The agency also said it upgraded its national scale long-term rating to A+(cl) from A(cl), local bond programs to A+(cl) from A(cl) and national scale rating on new local bonds issuances at A+(cl).
The outlook is stable.
The ratings reflect the company's low business risk profile stemming from its exceptionally stable and predictable cash flow generation, characteristic of electric transmission utility companies and its natural monopoly condition, Fitch said.
The regulatory environment in Chile is considered solid and stable and provides certainty in the determination of regulated transmission revenues and returns on future investments, the agency said.
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