Moody's downgrades Edenor

Moody's Latin America said it downgraded Edenor SA's corporate family and senior unsecured ratings to Caa3 from Caa1 and its national scale rating to Caa3.ar from Ba3.ar.

The outlook is negative.

Moody's said the downgrade was prompted by Edenor's continued weak operating performance in the first half of 2013, inadequate cash generation along with extremely poor liquidity.

The negative outlook reflects the liquidity constraints the company will continue to face over coming quarters should the current frozen tariff position of the company not change, the agency said.

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