Moody’s rates Edesa notes B3

Moody’s Investors Service said it assigned a B3 rating to Empresa Distribuidora de Electricidad de Salta SA (Edesa)’s $65 million senior unsecured notes.

The agency also said it assigned to a B3 corporate family rating to Edesa and affirmed the B3 ratings on its outstanding notes.

The outlook is stable.

The proceeds will be used by the company to prepay the outstanding debt on Edesa’s 2017 notes, currently about $48 million, Moody’s said.

Through the issuance, Edesa anticipated all of its financing needs for this year and for 2017, and extended debt maturities to 2021, the agency said.

The ratings consider the historically reasonable tariff track record from the province’s regulator as compared to federally regulated utilities operating in Argentina, Moody’s said.

The ratings are constrained by an overall uncertain and unpredictable regulatory track record for regulated utilities in Argentina in recent years, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.