Transportadora del Gas del Sur S.A.'s (TGS's) ambitious expansion plan will increase the unregulated segment's share of the business mix, enhance exports, and almost double EBITDA by 2030. It will also position TGS's infrastructure as a strategic asset for the development of Vaca Muerta's natural gas reserves. As such, we revised upward our assessment of TGS's business risk profile. The expansion plan will require higher debt in the near term, leading us to revise downward our assessment of TGS's financial risk profile. As a result, on Nov. 5, 2026, S&P Global Ratings revised upward its assessment of TGS's stand-alone credit profile (SACP) to'bb-'from'b+'. We also affirmed our'B'issuer credit and issue ratings on TGS, which remain
