The National Gas Co. of Trinidad Tobago Ltd. #BBB# Ratings Affirmed, Outlook Remains Stable

Stocks and Financial Services Press Releases Wednesday March 28, 2018 10:10
MEXICO CITY--28 Mar--S&P Global Ratings

MEXICO CITY (S&P Global Ratings) March 27, 2018--S&P Global Ratings affirmed its 'BBB' long-term corporate credit rating on The National Gas Co. of Trinidad & Tobago Ltd. (NGC). At the same time, we affirmed our 'BBB' issue-level rating on the company's senior unsecured notes, while its 'bbb-' stand-alone credit profile (SACP) remains unchanged. The outlook remains stable.

The 'bbb-' SACP on NGC incorporates the company's key role in the developments of Trinidad and Tobago's (T&T's) natural gas industry and NGC's privileged competitive position as the only natural gas transporter and distributor in the country, as well as its very low debt and substantial cash position. Mitigating these positive factors is the company's volatile profitability, particularly because its volume is tied to natural gas supply, which is prone to shortages amid low price. Even though NGC generates approximately 80% of its revenue under long-term sales contracts and customers are highly dependent on NGC's services, the inability of major suppliers to deliver contracted gas volumes have resulted in gas curtailment to the company's major customers and have hurt its revenue in the past.

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