...Fitch Ratings affirmed the Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) of Transelec S.A. at `BBB'. Fitch has also affirmed the company's National Long-Term Rating at `AA¡(cl)'. These rating actions affect approximately USD1 billion of outstanding international bonds and USD1.2 billion of domestic bonds. The Rating Outlook is Stable. Transelec's ratings are largely driven by the company's low business-risk profile reflected in highly predictable and stable cash flow generation given the take-or-pay nature of the company's revenue generation. The ratings also reflect the company's relatively low sector risk versus other regional transmission companies, as Transelec owns its transmission assets rather than operating them under long-term concession agreements as typically seen in the LatAm region....
