The 'B-' rating on Empresa Electrica del Norte Grande S.A.'s (Edelnor) reflects its weak financial profile, a very limited financial flexibility and the risk posed by the maturity of an important portion of its sale contracts between 2006 and 2008. These weaknesses are counterbalanced by Edelnor's equity stake in the Gasoducto Norandino pipeline, which is projected to provide a stable cash flow stream, and the ownership of transmission assets, a competitive advantage with which to face the high competitive pressures in the Sistema Interconectado del Norte Grande (SING), Edelnor's area of operation. Edelnor's financial performance remains fairly weak even after a debt reorganization that improved Edelnor's debt and maturity profile. Edelnor completed a Chapter 11 reorganization on Nov. 5, 2002,
