Chilean power generator E-CL continues to show good cash flow generation that allows it to internally finance capital expenditures (capex) and dividend payments. We are affirming the 'BBB' ratings on the company. The stable outlook is based on our expectation that E-CL's total debt to EBITDA will remain less than 3.0x even if it carries out significant investments. On Oct. 10, 2014, Standards&Poor's Ratings Services affirmed its 'BBB' rating on E-CL S.A. The outlook remains stable. Our rating on E?CL reflect its "satisfactory" business risk profile and "intermediate" financial risk profile. Additionally, the rating incorporates a one?notch uplift to reflect our view of its "moderately strategic" subsidiary status for its controlling parent, GDF SUEZ S.A. (A/Stable/A?1). E?CL is
