TGN Seen Closer to Flaring Up

TGN Seen Closer to Flaring Up

Corporate & Sovereign Strategy

Exchange rate risks, reduction in export revenues and market uncertainty are combining to push Argentina’s Transportadora de Gas del Norte (TGN) closer to the edge of default. Fitch has downgraded the pipeline operator’s ratings to CCC from B, it says. TGN’s 8% of 2012 bond has recently been bid down to the high 40s from the mid-50s a week earlier, according to Credit Suisse. It next faces principal and interest payments of $16m and $6.4m, respectively, due December 31, according to Fitch. “Curr

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