...Ratings Upgrade: A recent ratings upgrade is largely driven by Transelec S.A.'s low business risk profile, reflected in increasingly predictable and sound cash flow generation, combined with a solid balance sheet and broad financial flexibility following recent refinancing efforts. Transelec is not facing relevant debt maturities in the next few years. The company's financial results as of third-quarter 2014 were above Fitch Ratings' expectations, and Fitch's forecast has been adjusted to reflect the increasing predictability of FCF generation. Solid Shareholders and Regulatory Framework: Transelec's ratings also reflect the implicit support from its shareholders, as well as the company's strategic importance to the Republic of Chile (Issuer Default Rating A+/Outlook Stable) as the country's main transmission company. Chile's regulatory framework is considered robust and has remained stable over time. Low Business Risk Profile: Transelec's ratings reflect its low business risk profile,...
