Significant consolidation in its competitive position in Chile's Northern Interconnected System (SING) after the 2009 asset merger and auctions; Diversified power generation base; Large contractual base at indexed prices with creditworthy counterparties; and Rising electricity demand in the SING from globally competitive mining companies. Highly volatile market conditions in the SING, given restrictions in natural gas supply and fluctuating fuel prices; Delays in capacity expansion projects and/or weak operating performance of more efficient power generation units would expose the company to more expensive generation and/or purchases in the spot market. The ratings on E-CL S.A. (formerly Empresa Electrica del Norte Grande S.A., Edelnor) reflect the consolidation of the company's business risk profile as a result of the merger of several
