This report does not constitute a rating action. SAO PAULO (S&P Global Ratings) Dec. 22, 2025--S&P Global Ratings said today that the outlook revision on Enel SpA (Enel) to positive didn't prompt a similar action on its subsidiary Enel Chile S.A. and the latter's subsidiary Enel Generación Chile S.A. (both rated BBB/Stable/--). We analyze Enel Chile and Enel Generación Chile on a consolidated basis, as the latter is an integral part of Enel Chile's operations. Our 'BBB' rating on Enel Chile is currently the same as on its parent, reflecting its own creditworthiness. Our stable outlook on Enel Chile reflects our expectation of gradual deleveraging, with net debt to EBITDA of 2.5x-3.0x and funds from operations to debt of 25%-28%