 The highest coefficients of more than 2 can be found in utilities in Chile, as well as in Pereira and Manizales in Colombia.Despite the ostensibly high levels of tariffs and cost recovery estimated based on the sample of utilities analyzed, utilities do not generate sufficient revenue to finance a substantial share of their investments internally, or to be credit-worthy enough to mobilize commercial, long-term credit.The reasons include low levels of operational efficiency, as detailed further below, poor recovery of bills, poor procurement practices and political corruption.