Chile-based power generation company E-CL S.A.'s business risk profile improved significantly, mainly due to the merger with several assets from its major shareholders, the increased base of power sale contracts, and their higher pricing flexibility. E-CL is currently the market leader in terms of installed capacity in the Chilean Northern Electric System with about 50% market share, and its cash flow generation is expected to be more stable mainly due to greater price flexibility. These factors mitigate the higher debt levels following the merger. We are raising the issuer credit rating on E-CL to 'BBB-' from 'BB-' and removing it from CreditWatch with developing implications. The outlook is stable. On June 7, 2010, Standard&Poor's Ratings Services raised its
