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Moody's ups Edelnor to B2
Moody's Investors Service said it upgraded Edelnor's Issuer Rating to B2 from B3. The outlook is stable.
The action reflects progress by Edelnor in reducing consolidated leverage, improvement in cash flow generation due to increased sales at higher prices and Edelnor's ability to successfully manage and mitigate the operational and financial stress caused by curtailments of gas imports from Argentina, Moody's said.
The action also reflects potential incremental improvement in earnings and cash flow resulting from passage of an amendment in the Chilean electricity law known as the Short Law 2, Moody's noted.
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