NY -- Standard&Poor's CreditWire 5/20/97 –Standard&Poor's today has lowered its senior unsecured debt and corporate credit ratings on Edelnor S.A., an affiliate of the Southern Co., to double-'B'-plus from triple-'B'. The downgrade reflects weaker financial ratios concurrent with an increase in competition in Chile's northern interconnected system (SING) where Edelnor operates. Financial results for fiscal 1996 were weaker at the utility due to operational problems at the Mejillones I plant. Year end earnings before interest, taxes, depreciation, and amortization (EBITDA) interest coverage was a low 1.65 times (x) down from 5.0x in fiscal 1995. Going forward, EBITDA interest coverage is expected to remain in the 2x range as the utility fully absorbs debt service on $250
