BUENOS AIRES (Standard&Poor's) Sept. 17, 2002—Standard&Poor's Ratings Services today lowered its ratings on Chilean electricity provider Empresa Eléctrica del Norte Grande S.A (Edelnor) to 'D' from double-'C' following the company's filing for Chapter 11 reorganization. The proposed plan of reorganization will only impair U$S340 million of unsecured bank loans, including a 10-year 7.75% US$250 million loan granted by UBS with final maturity in March 2006 and a seven-year 10.5% US$90 million loan maturing in June 2005. On September 16, Edelnor obtained consent from 98.7% of its lenders to proceed with filing the reorganization plan under Chapter 11 of the U.S. Bankruptcy Code. The plan allows lenders to elect to receive either 15-year senior secured Novation Certificates
