E-CL enjoys a good cash flow generation deriving from long-term power sale contracts with solid counterparties, which allow it to maintain good credit metrics. We are affirming our 'BBB-' issuer credit rating on Chile-based power generator E-CL S.A. The stable outlook reflects our expectation that E-CL'S EBITDA will return to levels between $300 million and $350 million in 2013 and 2014 and that its total debt EBITDA ratio will remain below 3.5x even if the company carries out significant new investments. BUENOS AIRES (Standard&Poor's) Nov. 9, 2012--Standard&Poor's Ratings Services said today it affirmed its 'BBB-' issuer credit rating on Chile-based power generator E-CL S.A. The outlook remains stable. E-CL S.A. is the largest power generator in
