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Moody's lowers Edenor
Moody's Investors Service said it downgraded Empresa Distribuidora Norte SA (Edenor)'s corporate family and senior unsecured ratings to B3 from B2 and its national scale rating to Baa2.ar from A1.ar.
In addition, Moody's said it changed the outlook to negative from stable.
The agency said the downgrade and outlook change were prompted by Edenor's poor operating performance in 2011 and the ongoing issue of frozen tariffs.
The negative outlook reflects Moody's view that, if the frozen tariff situation is not addressed by the government, the declining trend in Edenor's operating margins and negative cash generation will lead to unsustainable operations sometime in 2013, the agency said.
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