...Rating Derivation Versus Peers Peer Comparison Similar to its peers in the region, Transelec presents low business risk profiles and predictable cash flow, characteristic of transmission companies operating in a regulated industry. In terms of credit metrics, relative to its peers, such as Red Electrica Corporacion S.A. (REE; A/Stable), Interconexion Electrica S.A. E.S.P. (ISA; BBB+/Stable), Consorcio Transmantaro S.A. (CTM; BBB¡/Stable) and Transmissora Alianca de Energia Eletrica S.A. (Taesa; BB/Stable), Transelec's leverage is considered high for its rating category, offset by the fact that the company owns and operates all of its assets, while its peers operate under a long-term concession model. Similar to Taesa and REE, Transelec concentrates its operations on the energy transmission business, presenting EBITDA margins consistently between 75% and 80%. The main difference among these companies is that Taesa's ratings are negatively affected by Brazil's Country Ceiling at `BB'. ISA...
