Engie Energia Chile's overall operating and financial performance remains in line with our expectations. The company is constructing a transmission line and a coal fired power plant in the northern region of Chile, both of which are on track and within budget. Even assuming a peak in debt levels in the upcoming years to finance an ambitious capex plan, we expect the company's main credit metrics to remain consistent with the significant financial risk profile assessment. We project a maximum level of debt to EBITDA of 4x in 2017, which should drop after 2018. We're affirming our 'BBB' ratings on Chilean power generator Engie Energia Chile and on its senior unsecured notes. The stable outlook reflects our expectations that the
