Fitch affirms ElectroAndina

Fitch Ratings said it affirmed the senior unsecured local and foreign currency ratings of ElectroAndina SA at BB+. The outlook is negative.

Fitch said the ratings reflect ElectroAndina's business position, which benefits from its long-term purchase power agreements with financially strong, unregulated, industrial and mining companies, its well diversified fuel generation mix and sound operating strategy.

The company's credit profile is strengthened by the inherent support from its controlling shareholder, Tractebel, and additional shareholder, Corporacion Nacional del Cobre de Chile, Fitch said.

EBITDA covered interest by 3.0x with total consolidated leverage as measured by debt-to-EBITDA of 7.0x, versus 2.9x and 6.3x respectively as of year-end 2003.

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