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; and Exposure to construction risk on potential new projects. The ratings on E-CL S.A. reflect the consolidation of the company's business risk profile following the merger of several power generation, transmission, and natural gas assets that belonged to its main shareholders. The ratings also reflect the company's greater stability of its cash flow generation due to the increased contract base and its higher pricing flexibility, which allows it to pass through higher fuel costs to its customers. These
