Fitch cuts Edenor notes to D

Fitch Ratings said it has downgraded the foreign currency rating assigned to Empresa Distribuidora y Comercializadora Norte SA (Edenor) and the GAIN trust notes to D from C and removed the ratings from Rating Watch negative.

Fitch said the rating action reflects the non-payment of principal related to the $140 million GAIN notes due Dec. 1, 2003.

The local currency rating of Edenor was downgraded to DD in September 2002 due to the suspension and rescheduling of principal payments. Edenor continued to make semiannual interest payments, but due to the current restructuring of the company's debt, missed the rescheduled initial principal payment last week.

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