Fitch affirms Guacolda

Fitch Ratings said it affirmed the BBB rating of Empresa Electrica Guacolda's $150 million senior secured loan participation certificates due on April 30, 2013 and the A+ Chilean national scale rating. The outlook is stable.

Fitch said the ratings reflect Guacolda's competitive dispatch position supported by the efficiency and geographical location of its units, sound operating and commercial strategies, long-term supply contracts, growing electricity demand in the region and acceptable projected debt service coverage ratios under various stress scenarios.

During the first six months of 2004, Guacolda reported an adjusted EBITDA-to-interest expense ratio of 2.1x with total consolidated leverage, as measured by net debt-to-adjusted EBITDA of 5.3x, versus 2.6x and 4.7x, respectively, for the same period in 2003.

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