We're affirming our 'BBB' ratings on Chilean power generator E-CL and on its senior unsecured notes. We're revising our assessment of the company's financial risk profile to "significant" from "intermediate" to reflect our expectation of higher debt and diminishing free operating cash flow (FOCF) generation in light of a demanding capital expenditure (capex) program. The stable outlook is based on our expectations that E-CL will generate an annual EBITDA of at least $300 million and post debt to EBITDA of about 4x and funds from operations (FFO) to debt above 20% in the next two years, even while conducting the construction of two new projects that will demand additional debt. On Nov. 4, 2015, Standard&Poor's Ratings Services affirmed
