Metrogas S.A. Upgraded To #B-# From #CCC+# On Improved Capital Structure And Cash Flow Outlook Stable

Stocks and Financial Services Press Releases Wednesday September 13, 2017 09:17
BUENOS AIRES--13 Sep--S&P Global Ratings

BUENOS AIRES (S&P Global Ratings) Sept. 12, 2017--S&P Global Ratings raised its global scale corporate credit and issue-level ratings on Metrogas S.A. (Metrogas) to 'B-' from 'CCC+'. The outlook is stable.

The rating action follows the improvement in Metrogas' capital structure since the Argentinean government announced the ITR in April 2017. The ITR sets a mechanism for predictable tariffs, a budget for operating expenses, and capital expenditure (capex) needs for the next five years. The new regulatory framework eliminates Metrogas' dependence on discretionary tariff adjustments and improves its cash flow predictability in the short to medium term, as well as its liquidity and capital structure.

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