On Sept. 29, 2004, Standard&Poor's Ratings Services' raised its long-term corporate credit rating on Chilean power generator Empresa Eléctrica del Norte Grande S.A. (Edelnor) to 'B' from 'B-', reflecting better-than-expected financial performance since 2003, which should stay adequate for the rating category in the next five years. In addition, Edelnor's diversified power generation portfolio should protect the company from natural gas shortages in the Northern Electric System (SING). The outlook remains stable. Edelnor had about $220 million in outstanding debt with third parties as of June 30, 2004. The ratings on Edelnor reflect a still-weak financial profile and the cash flow volatility derived from projected volatile spot prices in the SING. These weaknesses are counterbalanced by Edelnor's diversified
