NEW YORK (Standard&Poor's CreditWire) March 8, 2000--Standard&Poor's today lowered its senior unsecured debt and corporate credit ratings on Empresa Electrica Del Norte Grande S.A. (Edelnor) to single-`B' from double-`B'-minus. The outlook is negative. Southern Energy, a subsidiary of Southern Co. (single-`A'/Stable/`A-1') owns 82% of Edelnor. Edelnor generates and transmits electricity in the Northern Interconnected System (SING), Chile's second largest electrical grid. The downgrade reflects: -- The recent regulatory decision rejecting Edelnor's petition to use a blend of pet coke fuel and coal in its existing coal plants; -- The anticipated loss of significant contract cover at the end of 2001; -- Uncertainty about Edelnor's ability to keep and attain new sales contracts or sell into the
