S&P rates Endesa Chile notes BBB+

Standard & Poor's said it assigned its BBB+ long-term issue-level rating to Empresa Nacional de Electricidad SA's (Endesa Chile; BBB+/stable/--) upcoming $400 million senior unsecured notes.

S&P said the corporate credit rating on Endesa Chile reflects its "satisfactory" business risk profile and "intermediate" financial risk profile. Endesa Chile's "satisfactory" business risk profile reflects its "satisfactory" competitive position, which is based on the low-cost generation from its large hydropower plants, and adequate to strong diversification, reflecting its diversified asset base in Chile, Colombia, Peru, and to lesser extent, Argentina and Brazil.

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