TGN May Default by Year-End: Fitch

TGN May Default by Year-End: Fitch

Corporate & Sovereign Strategy

Argentina’s Transportadora de Gas del Norte (TGN) may default by the end of the year, according to Fitch, which cut the credit to C from CCC and senior unsecured notes due 2012 to CC from CCC, keeping all ratings on negative watch. The agency also predicts recovery of 11%-30% in the event of default. “The rating downgrades reflect Fitch's expectation that TGN will miss principal and interest payments over the near term, and potentially debt payments due as soon as December 31, 2008 despite suffi

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