SAO PAULO (S&P Global Ratings) May 5, 2021--S&P Global Ratings said today that Enel Chile S.A.'s (Enel Chile; BBB+/Stable/--) first-quarter results were slightly below our previous expectations. Considering the company's adjusted EBITDA of about $220 million (which excludes the $15 million impairment on the Bocamina II coal-fired power plant) , we updated our annual forecast to $1.1 billion-$1.2 billion—similar to the level reported in 2020--from our previous estimate of $1.3 billion-$1.4 billion. The lower EBITDA in the generation business (which comprised 83% of total EBITDA in 2020) mainly stems from adverse hydrology conditions, given that 50% of Enel Chile's capacity comes from this technology, which resulted in higher energy purchases at slightly higher spot prices. The lower EBITDA in the
