Moody's downgrades Edenor

Moody's Latin America said it downgraded Edenor SA's corporate family and senior unsecured ratings to Caa1 from B3 and its national scale rating to Ba3.ar from Baa2.ar.

All ratings continue to carry a negative outlook.

Moody's said the downgrade was prompted by Edenor's continued poor operating performance in 2012 and the ongoing issue of frozen tariffs.

The downgrade also reflects the liquidity constraints the company will face over coming quarters should the frozen tariff position of the company not change, the agency said.

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