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Summary: Empresa Distribuidora Y Comercializadora Norte S.A. Sep 11
Standard & Poors, Sep 2011
Abstract
Standard & Poor's Ratings Services' ratings on Empresa Distribuidora Y Comercializadora Norte S.A. (EDENOR) reflect Argentina's high political and regulatory risk, the company's exposure to foreign-exchange risk from cash generation in Argentine pesos and debt denominated in dollars, and its somewhat high capital expenditure requirements to meet increased demand amid nonautomatic tariff increases. The ratings also incorporate EDENOR's solid competitive position as a result of its exclusive concession to distribute electricity in the north and northwest of greater Buenos Aires and its favorable debt maturity profile. Also, we believe the company's competitive position will be enhanced by its participation as electricity distributor in the provinces of San Luis, Salta, and La Rioja through Empresa Distribuidora El-ctrica Regional S.A. (EMDERSA) and...
Companies mentioned in this report are: Empresa Distribuidora Y Comercializadora Norte S.A.,Electricidad Argentina S.A.,Pampa Energia S.A.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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