Fitch Upgrades Chilquinta

Fitch has upgraded Chilquinta Energia Finance’s IDR ratings and its $200m senior secured 2011 notes to BBB+ from BBB minus. The outlook is stable. The rating action comes after the Chile-based electricity distributor reduced debt and improved liquidity by minimizing dividend payments, while operational results continue a positive trend. Fitch says Chilquinta continues to build up cash to the sum of $69m as of March 2009. The company faces annual interest payments of around $14m, bank loans of $20m and $200m in notes due April 2011.