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Article: Fitch Affs Transportadora de Gas del Interior's IDRs at 'BB'; Outlook to Negative.
- Article from:
- Business Wire
- Article date:
- December 1, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHICAGO -- Fitch Ratings has affirmed Transportadora de Gas del Interior S.A. ESP's (TGI) foreign and local currency Issuer Default Ratings at 'BB' and revised the Rating Outlook to Negative from Stable. The rating action applies to USD750 million of outstanding senior unsecured notes due 2017.
The Negative Outlook reflects the weakening prospects for TGI and for its parent company, Empresa de Energia de Bogota S.A. (EEB), to reduce their debt leverage over the near to medium term as originally expected. The combination of TGI and EEB's aggressive growth strategy, driven by demand growth, and an unlikely near-term initial public offering (IPO) of TGI, given ...