...Business Low Risk Profile: Transelec S.A.'s (Transelec) ratings reflect the low risk profile of the company's business, resulting from an exceptionally stable and predictable cash flow generation, which is characteristic of transmission companies in Chile and their condition of natural monopolies. Sound Shareholders and Robust Regulation: Transelec's ratings also incorporate the implicit support of its shareholders, as well as the company's strategic significance for Chile (Issuer Default Rating [IDR] A+/Stable Outlook) as the main power transmission company in the country. The analysis also considers the robust and stable regulatory framework in which the company operates, providing certainty when determining the regulated income and the return over future investments. Operational Performance Strengthens Metrics: Translec's operational results for 2015 were strong mainly due to the depreciation of the Chilean peso (CLP) against the U.S. dollar (USD), taking into consideration that the...
