NY -- Standard&Poor's CreditWire 3/19/98 -- Standard&Poor's today assigned its double-`B'-plus rating to US$90 million senior loan participation certificates issued by Edelnor S.A., also known as Empresa Electrica del Norte Grande S.A. (Edelnor). At the same time, Standard&Poor's affirmed its double-'B'-plus local and foreign currency corporate credit ratings on Edelnor and revised the outlooks on these ratings to negative from stable. Edelnor generates and transmits electricity in Chile's Northern Interconnected System (SING). The noninvestment-grade credit rating reflects an increasingly competitive generation market in the SING, a high degree of industry and customer concentration, and a relatively high level of indebtedness. These weakness are offset by the utility's currently strong competitive position, favorable contract cover
