Fitch affirms Endesa-Chile

Fitch said it affirmed both the foreign-currency issuer default rating and the local-currency issuer default rating for Empresa Nacional de Electricidad (Endesa-Chile) at BBB, and affirmed ratings on its issues at BBB, including a July 2008 7 ¾% $400 million issue, April 2009 8 ½% $400 million issue, August 2013 8.35% $400 million issue, August 2015 8.625% $200 million issue, February 2027 7.875% $230 million issue, February 2037 7.325% $220 million issue and February 2097 8.125% $200 million issue.

The ratings reflect the company's improved credit protection measures, lower leverage and strong relationship with its parent company, Enersis SA, Fitch said.

The ratings continue to be supported by the company's portfolio of efficient hydroelectric-generation operations, market share and sound business strategy, the agency added.

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