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Rating Action:

Moody's changes outlook to stable for Argentine Infrastructure Issuers; places Edenor under review for upgrade

 The document has been translated in other languages

04 Nov 2015

Buenos Aires City, November 04, 2015 -- Moody's Latin America Agente de Calificación de Riesgo S.A. ("Moodys") has changed the rating outlook to stable from negative and affirmed the current ratings on various infrastructure companies operating in Argentina as a result of the stabilization of the Argentine sovereign outlook on November 2nd. At the same time Moody's placed Empresa Distribuidora Norte S.A. 's (Edenor) ratings under review for upgrade.

RATINGS RATIONALE

Moodys changed the rating outlook to stable and affirmed the current ratings on various infrastructure companies --power generation and electric distribution- operating in Argentina. The outlook change for the affected companies follows the revision of Argentine government's Caa1 issuer rating outlook to stable from negative on November 2, 2015 and reflects the exposure and linkages that these companies have to Argentine government credit quality.

At the same time, Moody's affirmed the Caa1/Baa1.ar ratings for Aeropuertos Argentina 2000 S.A. (AA2000) and Transportadora de Gas del Sur S.A. (TGS). The rating outlook for both companies continues to be stable since both TGS and AA2000 have been able to maintain relatively stable credit metrics that have been stronger than most other rate regulated companies operating in Argentina, allowing them to keep an stable rating outlook in spite of the sovereign. The Caa1 rating and stable outlook also reflect the close relationship between both companies and the sovereign while the Baa1.ar national scale rating reflect their stronger positioning relative to other Argentine regulated rated issuers.

The ratings for the Argentine gas distribution companies (LDCs) including Gas Natural Ban S.A., Camuzzi Gas Pampeana S.A., Metrogas S.A. and Distribuidora de Gas Cuyana S.A. have also been affirmed, but the outlook for these companies remains negative.

The continuation of the negative outlook for the LDCs in spite of the outlook change to stable for the sovereign on November 2nd, considers the lack of any concrete solution for the LDCs' challenges in 2016 and beyond. In particular, Moody's notes that LDCs are currently facing growing operating losses and insufficient internal cash generation to deal with their daily operations. All the companies in this infrastructure sector have had to rely on discretional and less than timely fund transfers from the government or curtailing payments to their suppliers over the past two years. Consequently, the negative outlook reflects the lack of an effective and predictable mechanism that would allow the LDCs to recover their inflation driven increased operating costs in a consistent and predictable manner.

Finally, Moody's has placed Edenor's Caa3/Caa3.ar ratings on review for upgrade. The review will consider the expected evolution of the company's cash flows and operating income given the latest resolution (Res. 32/15). Such resolution has established that the transitory amounts currently being transferred from the government to the company will be incorporated into the company's tariff scheme, once the tariff review process is implemented.

Issuers and ratings included in this action are as follows:

a) Ratings Affirmed; Outlook changed to stable

1) Hidroeléctrica El Chocon S.A.

Corporate Family rating: Caa1/Baa2.ar ratings affirmed; outlook changed to stable.

2) Genneia S.A.

USD 156 million Senior Secured Class 2 and 3 Notes, USD 60 million Senior Unsecured Class 11 and Class 13 Notes and Corporate Family Rating: Caa1/Baa2.ar ratings affirmed; outlook changed to stable.

3) Empresa Distribuidora de Electricidad de Salta S.A. (EDESA)

USD 63.00 million Amortizing Notes: Caa1/Baa3.ar ratings affirmed; outlook changed to stable.

4) Generación Independencia S.A. (GISA)

ARS 110 million Senior Unsecured Class 2 and Class 3 Notes and Corporate Family rating: Caa1/Baa2.ar ratings affirmed; outlook changed to stable.

5) Empresa Provincial de Energía de Córdoba (EPEC):

USD 565 million Senior Secured Notes and Corporate Family rating: Caa1/Ba1.ar ratings affirmed; outlook changed to stable.

b) Ratings affirmed, Stable Outlook

6) Aeropuertos Argentina 2000 S.A. (AA2000)

Corporate Family Rating, USD 300 million 2020 Senior Unsecured Notes and Class "A" and Class "C" Senior Unsecured Local Notes: Caa1/Baa1.ar ratings affirmed; stable outlook.

7) Transportadora de Gas del Sur S.A. (TGS):

USD 60 million Senior Unsecured Class 1 2017 1 Notes; USD 191 million Senior Unsecured Class 1 2020 Notes: Caa1/Baa1.ar ratings affirmed; stable outlook.

c) Ratings Affirmed, Negative Outlook

8) Camuzzi Gas Pampeana S.A. (CGP)

Corporate Family rating: Caa1/Baa3.ar ratings affirmed; negative outlook.

9) Gas Natural Ban S.A. (GNB)

Corporate Family rating: Caa1/Baa3.ar ratings affirmed; negative outlook.

10) Distribuidora de Gas Cuyana S.A. (DGCU)

Corporate Family rating: Caa1/Baa2.ar ratings affirmed; negative outlook.

11) Metrogas S.A.

Debt program for up to US 600 million and Corporate Family rating: (P)Caa1/Ba1.ar and Caa1/Ba1.ar ratings affirmed; outlook negative.

d) Ratings placed under review for upgrade

12) Empresa Distribuidora Norte S.A. (Edenor)

Corporate Family Rating, Class 7 US 24.7 million senior unsecured 2017 notes and Class 9 US 176 million senior unsecured 2022 notes: Caa3/Caa3.ar ratings placed under review for upgrade

Please see www.moodys.com for further details on the recent outlook change in Argentina's issuer rating.

The principal methodology used in rating Camuzzi Gas Pampeana S.A., Distribuidora De Gas Cuyana S.A., Metrogas S.A., Empresa Distribuidora de Electricidad Salta, Empresa Provincial de Energia de Cordoba, Empresa Distribuidora Norte S.A. and Gas Natural BAN, S.A. was Regulated Electric and Gas Utilities published in December 2013. The principal methodology used in rating Hidroelectrica El Chocon S.A., Generacion Independencia S.A. and Genneia S.A. was Unregulated Utilities and Unregulated Power Companies published in October 2014. The principal methodology used in rating Transportadora de Gas del Sur S.A. was Natural Gas Pipelines published in November 2012. The principal methodology used in rating Aeropuertos Argentina 2000 S.A. was Privately Managed Airports and Related Issuers published in December 2014. Please see the Credit Policy page on www.moodys.com.ar for a copy of these methodologies.

Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in June 2014 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.ar.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

The person who approved Transportadora de Gas del Sur S.A., Camuzzi Gas Pampeana S.A., MetroGas S.A., Gas Natural BAN, S.A., Empresa Distribuidora Norte S.A., Hidroelectrica El Chocon S.A., Genneia S.A., Empresa Provincial de Energia de Cordoba, Empresa Distribuidora de Electricidad Salta, Generacion Independencia S.A. and Distribuidora De Gas Cuyana S.A. credit ratings is William L. Hess, MD - Utilities, Infrastructure Finance Group, Journalists Tel 212-553-0376, Subscribers Tel 212-553-1653. The person who approved Aeropuertos Argentina 2000 S.A. credit ratings is Chee Mee Hu, MD - Project Finance, Project Finance Group, Journalists Tel 212-553-0376, Subscribers Tel 212-553-1653.

For issuers domiciled in Argentina, the regulatory report related to this rating action is available on www.moodys.com.ar.

Please see www.moodys.com.ar for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com.ar for additional regulatory disclosures for each credit rating.

Daniela Cuan
Vice President - Senior Analyst
Infrastructure Finance Group
Moody's Latin America ACR
Ing. Butty 240
16th Floor
Buenos Aires City C1001AFB
Argentina
JOURNALISTS: (800) 666 -3506
SUBSCRIBERS: (5411) 5129 2600

William L. Hess
MD - Utilities
Infrastructure Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Latin America ACR
Ing. Butty 240
16th Floor
Buenos Aires City C1001AFB
Argentina
JOURNALISTS: (800) 666 -3506
SUBSCRIBERS: (5411) 5129 2600

Moody's changes outlook to stable for Argentine Infrastructure Issuers; places Edenor under review for upgrade
No Related Data.
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