Fitch affirms Enersis

Fitch Ratings affirmed the international local and foreign currency ratings of Enersis SA at BBB-. The long-term national scale corporate rating has also been affirmed at A(chl).

The outlook is stable.

Fitch said the ratings and outlook of Enersis reflect the success of the company's financial strategy implemented during 2003 and early 2004, which resulted in an improved capital structure and increased financial flexibility, consistent with Fitch Ratings' expectations.

The rating further reflects the diverse portfolio of assets, including companies that are financially strong with market leadership positions that benefit from generally constructive regulatory environments, with the exception of Argentina, and growing regional electricity demand, according to Fitch.

Enersis reported consolidated EBITDA to interest in 2003 and through the first quarter of 2004 of 2.2x and 2.8x, respectively, compared with 2.3x and 2.5x for the comparable periods of the previous year.

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