Moody's ups Enersis view to positive

Moody's Investors Service said it affirmed the ratings of Enersis SA, Empresa Nacional de Electricidad SA and Endesa Chile Overseas Co., all Ba1 senior unsecured, and revised the outlook for all three issuers to positive from stable.

Endesa Chile is a 60% subsidiary of Enersis. Endesa Chile Overseas Co. is a subsidiary of Endesa Chile and its ratings are based upon the guarantee of timely payment by Endesa Chile.

The change in outlook reflects improving financial performance, changes in the regulatory framework in Chile that are favorable for the company and stronger demand growth for electricity in several of the countries in which Enersis and Endesa Chile have operations, Moody's said.

Enersis' financial performance is improving with higher earnings and cash flow in the past two years. Moody's said it believes that trend will continue.

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