NEW YORK (Standard&Poor's) June 23, 2003--Standard&Poor's Ratings Services today raised its local and foreign corporate credit ratings on Chilean electric generator Empresa Eléctrica del Norte Grande S.A. (Edelnor) to 'B-' from 'CC', reflecting a more favorable maturity schedule after the company completed its Chapter 11 reorganization and strategic plan. At the same time, Edelnor's rating was removed from CreditWatch with positive implications. Standard&Poor's also assigned its 'B-' rating to Edelnor's US$217 million debt certificates. The outlook is stable. Edelnor completed a Chapter 11 reorganization on Nov. 5, 2002, which replaced US$340 million in bank debt with US$217 million 15-year debt certificates and a US$46 million subordinated shareholder loan. The new debt certificates carry a
