S&P: Empresa Nacional unaffected

Standard & Poor's said its ratings and outlook on Empresa Nacional de Electricidad SA (BBB-/stable/--) would not be affected by the company's announcement that its net income for the first nine months of 2004 was 13.5% lower than it was in the same period of 2003.

S&P said lower operating results from Chile due to divestments and a costlier generation mix were offset by better performance, mainly in Colombia and Brazil.

The third quarter showed an incipient positive trend due to the start up of the company's 570-megawatt Ralco plant in August, combined with relatively high-node prices and somewhat lower interest expenses.

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