Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Empresa Distribuidora y Com. Norte S.A.Global Credit Research - 10 Feb 2022New York, February 10, 2022 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Empresa Distribuidora y Com. Norte S.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 3 February 2022 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.Empresa Distribuidora y Comercializadora Norte S.A.'s (Edenor, Caa3) ratings mainly reflect its links to the credit quality of the Government of Argentina (Ca) and also the uncertainties surrounding the consistency of the regulatory framework and the sufficiency of rates. Edenor's credit profile also incorporates the company's low leverage despite credit metrics that are likely to deteriorate as a consequence of the lack of tariff reviews. The tariff regime, which established periodic tariff adjustments, has been on hold since 2019. Tariff renegotiation started in December 2020 and will likely finish latest by December 2022. In the meantime, the company has planned transition tariff increases, with the first one starting on 1 May 2021 of 9%, a level much lower than the country's inflation. Additionally, Edenor faces refinancing risk, driven by the upcoming debt maturity of $98 million in 2022.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was Regulated Electric and Gas Utilities published in June 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Daniela Cuan Vice President - Senior Analyst Project & Infrastructure Finance Moody's Latin America ACR Ing. 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