Fitch Rates TGN Exchange Notes

Fitch Rates TGN Exchange Notes

Argentina Corporate & Sovereign Strategy

Fitch has assigned a CCC rating to the new bonds to be issued by Argentina’s Transportadora de Gas del Norte (TGN) in a debt exchange offer launched last month, it says. The agency estimates a recovery prospect of 31%-50% in the event of a bankruptcy, as the expectation of a negative cash flow beginning next year limits TGN's Ebitda-based valuation. “TGN's ability to face interest payments on the new debt will be extremely limited, as the company's ability to generate cash has been severely affe

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