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Moody's upgrades Enersis, Endesa Chile to Baa3
Moody's Investors Service said it upgraded the senior unsecured debt ratings of Enersis SA and Empresa Nacional de Electricidad, SA to Baa3 from Ba1.
The outlook is stable.
The agency said the upgrade was prompted by the improved financial performance of both companies over the last two years as a result of improvements in the regulatory framework and increased demand for electricity in the countries in which the companies operate: Chile, Colombia, Peru, Brazil and Argentina. Cash flow from operations to debt improved to 28.8% for the last 12 months ended in September from 14.8% in 2004 for Enersis and to 18% from 9.8% for Endesa Chile, and debt to EBITDA decreased to 1.7x for the last 12 months ended in September from 3.5x in 2004 for Enersis and to 2.4x from 4.2x for Endesa Chile.
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