Moody's rates Emagsud notes B3

Moody's Investors Service said it assigned a B3/Baa1.ar rating to Emgasud SA's $160 million proposed notes.

The outlook is stable.

The ratings take into consideration Emgasud's recent poor performance due to delays in the full implementation of its Energía Distribuida project, the challenges of a new and untested regulatory framework and the concentration of its operations in only the unpredictable Argentinean market, Moody's said.

The ratings also consider the outstanding prospects for wind generation in Argentina, the agency said.

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