Fitch Revises Transportadora de gas del Peru's Outlook to Stable; Affirms 'BBB+' Long-Term Ratings
Fitch Ratings release
Fitch Ratings has affirmed the International Foreign and Local Currency Long-Term ratings of Transportadora de gas del Peru, S.A. (TGP) at 'BBB+'. The Rating Outlook has been revised to Stable from Negative following Peru's recent sovereign rating affirmation at 'BBB' and Outlook revision to Stable from Negative.
The Stable Outlook on TGP corresponds with Fitch's Outlook on Peru (BBB/Stable), reflecting TGP's cash flow generation taking place almost entirely within the country. Peru's Outlook revision to Stable reflects the sound policymaking that has supported its economic recovery this year and preserved broad macro-financial stability together with reduced political volatility. Fitch believes that debt to GDP is projected to remain relatively stable at low levels.
TGP's ratings reflect its solid financial profile, strong capital structure, and stable and predictable cash flows supported by long-term, fixed, ship-or-pay agreements with strong credit quality off-takers. TGP is a regulated midstream company, similar to its peers.
The full release is available here.
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