Chile’s E-CL Gets Investment Grade

S&P has upgraded to BBB minus from BB minus the ratings of Chile power company E-CL. The outlook is stable. The ratings agency says the company’s business risk profile has improved significantly following a merger with several power generation, transmission, and natural gas distribution assets that belonged to its main shareholder, Suez Energy Andino and its minority shareholder Chilean copper producer Corporacion Nacional del Cobre. E-CL is the market leader in terms of installed capacity in the Chilean northern electric system with about 50% share, says S&P. The firm was removed from CreditWatch with developing implications, where it was placed November 13.