We expect Transportadora de Gas del Sur S.A. (TGS) and CAPEX S.A. to continue enjoying comfortable liquidity in 2021, given their long-term debt maturities. On March 11, 2021, S&P Global Ratings revised its outlook on both companies to stable from negative. We also affirmed our 'CCC+' ratings on both entities. The outlook revision incorporates our view of a comfortable debt maturity profile, given that the companies don't face short-term debt maturities. TGS's only debt consists of a bullet bond due May 2025, while CAPEX's bullet bond matures in 2024, resulting in manageable debt maturity profile for the next three years. Therefore, these entities will only have to meet interest payments in the next three to four years, which are not
