Transportadora de Gas del Peru 'BBB+' Ratings Affirmed, Taken Off UCO On Application Of Updated Criteria; Outlook Stable

  • SAO PAULO (S&P Global Ratings) May 14, 2019--S&P Global Ratings removed its ratings on Transportadora de Gas del Peru SA (TGP) from "under criteria observation" (UCO) after publishing updated criteria.
  • We're affirming our 'BBB+' issuer and issue-level credit ratings on TGP.
  • The outlook on the ratings is stable.
After publishing our revised criteria, "Ratios and Adjustments," on April 1, 2019, and with our criteria review complete, we're removing the UCO designation from these ratings. We're affirming our 'BBB+' issuer credit ratings on TGP and the issue-level credit ratings on TGP's $850 million senior unsecured debt.
For more information on TGP, see the report published on May 22, 2018: "Transportadora de Gas del Peru S.A. 'BBB+' Corporate Credit And Issue-Level Ratings Affirmed; Outlook Still Stable."
The stable outlook on TGP incorporates our view that the company will continue to post strong operating cash flows in the next 18 months, most of which it will distribute to its shareholders. We project net debt to EBITDA of around 2.0x and marginal discretionary cash flow generation.
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