Moody’s gives Enel Chile, notes Baa2

Moody's Investors Service said it assigned a Baa2 issuer rating to Enel Chile SA and a Baa2 rating to its up to $1 billion proposed senior unsecured notes due 2028.

Proceeds will be used to refinance outstanding borrowings, the proceeds of which were used to fund the acquisition of minority shares of its subsidiary Enel Generacion Chile SA (Baa1 stable) as part of the corporate reorganization concluded in April 2018, which included the incorporation of a new subsidiary Enel Green Power Chile SA (EGP Chile).

Moody’s said the Baa2 issuer rating reflects Enel Chile's leading position in the Chilean generation and distribution markets combined with a strong commercial policy, reflective of a relatively comfortable contracted position at prices which are substantially above system marginal costs.

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