On June 23, 2003, Standard&Poor's Ratings Services raised its local and foreign corporate credit ratings on Chilean electric generator Empresa ElOn June 23, 2003, Standard&Poor's Ratings Services raised its local and foreign corporate credit ratings on Chilean electric generator Empresa Eléctrica del Norte Grande S.A. (Edelnor) to 'B-' from 'CC', reflecting a more favorable maturity schedule after the company completed its Chapter 11 reorganization and strategic plan. At the same time, Edelnor's rating was removed from CreditWatch with positive implications, where it was placed on Nov. 7, 2002. Standard&Poor's also assigned its 'B-' rating to Edelnor's US$217 million debt certificates. The outlook is stable. Edelnor completed a Chapter 11 reorganization on Nov. 5, 2002, which replaced US$340 million in bank debt with US$217 million 15-year debt certificates and a US$46 million subordinated shareholder loan. The new
