S&P gives Edenor bond B

Standard & Poor's said it assigned its single-B rating to Empresa Distribuidora y Comercializadora Norte SA's (Edenor) upcoming 10-year bond for up to $250 million.

The proceeds from the bond issuance are expected to be mostly applied to refinance existing debt, the agency said.

The outlook is positive.

According to S&P, the B rating reflects Argentina's high political and regulatory risk, decreasing generation capacity reserves in the Argentine electric system, which could further affect supply mainly of large users in 2007 and 2008 and the company's relatively high leverage and foreign exchange risk.

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