NEW YORK (Standard&Poor's) Aug. 6, 2001--Standard&Poor's today lowered its senior unsecured debt and corporate credit ratings on Empresa Electrica del Norte Grande S.A. (Edelnor) to double-'C' from triple-'C'. The ratings remain on CreditWatch with negative implications. Edelnor generates and transmits electricity in the northern interconnected system (SING), Chile's second largest electrical grid. Mirant Corp. (triple-'B'-minus/Stable/'A-3'), owns 82% of Edelnor. The downgrade follows Mirant's announcement that it does not intend to make additional cash infusions into Edelnor unless it can be reassured that it will be repaid in the near term. Since Mirant also stated that it is difficult at the present time to envision how it would receive such assurances of repayment in the absence of
