Moody’s Predicts Metrogas Workout

Moody’s Predicts Metrogas Workout

Corporate & Sovereign Strategy

Moody's has downgraded Metrogas to Caa3 from Caa1 and keeps the Argentine gas distribution utility on negative outlook amid concerns over a continued weak liquidity relative to the debt maturity profile. “Metrogas' tariffs have remained frozen and inflation continues to erode margins and cash flow generation,” says the agency. “In addition, the peso devaluation has increased the size of its interest payments and upcoming principal payments associated with Metrogas' dollar denominated debt as the

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