Fitch maintains D(arg) rating on Metrogas controller

The Argentine office of credit rating agency Fitch Ratings has confirmed its D(arg) local-scale rating on US$130mn of bonds (US$70mn currently outstanding) issued by the Gas Argentino (Gasa) holding company that controls Buenos Aires natural gas distributor Metrogas, Fitch said in a statement. Gasa has been in default sine April 2002 after Metrogas (NYSE: MGS) suspended its payments to the holding in March of year. Metrogas is Gasa's only source of income, and so the holding company is not expected to receive any funds until Metrogas restructures its debt. Progress on the latter has been far from fast. Britain's BG and Spain's Repsol YPF own 54.7% and 45.3% of Gasa, which owns 70% of Metrogas. Some 20% of Metrogas is traded on the Buenos Aires and New York exchanges, and 10% belongs to employees. To read Fitch's full report on Gasa, in Spanish, paste the following link into your browser: http://www.bnamericas.com/rc_search_detail.xsql?id_documento=60779&Tx_idioma=E