Standard&Poor's said today that Chile's Empresa Electrica del Norte Grande S.A. (Edelnor: 'CC'/Watch Neg) has been able to make its US$4.7 million interest payment due today as a result of better-than-expected cash flows, largely derived from the settlement of capacity payments carried out by the Economic Load Dispatching Center (CDEC) for energy dispatched in the northern interconnected system (SING) and also from a cost-reduction program implemented by new management. Edelnor is expected to restructure its US$340 million debt before the September interest payment of US$9.6 million. Edelnor generates and transmits electricity in the SING, Chile's second largest electrical grid. The ratings remain on CreditWatch with negative implications.
