Chile-based power generator E-CL enjoys good cash flow generation mainly from its long-term power sale contracts with solid counterparties, which allows it to maintain good credit metrics. We are affirming our 'BBB-' issuer credit rating on E-CL. The stable outlook reflects our expectation that E-CL'S EBITDA will recover to $250 million-$300 million in 2013, and $300 million-$350 million in 2014, and that its total-debt-EBITDA ratio will remain less than 3.5x even if the company carries out significant new investments. The rating also incorporates cash reserves of at least $100 million and the company's good financial flexibility. MEXICO CITY (Standard&Poor's) Nov. 5, 2013--Standard&Poor's Ratings Services affirmed its 'BBB-' issuer credit rating on E-CL S.A. (E-CL). We also
