Fitch ups Electroandina

Fitch Ratings said it upgraded Electroandina SA's foreign- and local-currency issuer default ratings to BB+ from BB.

The outlook is stable.

The upgrades reflect the significant business and financial improvement in Electroandina, Fitch said, and the potential stronger credit profile of its new holding company E-CL SA.

It incorporates the expectation of a more stable cash flow as new long-term power contracts with price indexation mechanisms replaced expiring contracts starting in 2010, the agency said, and the payment of Electroandina's debt in full.

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