TGS's operating and financial performance remains in line with our expectations. We're affirming our 'B-' local currency and foreign currency ratings on Argentina-based natural gas transportation company. The sovereign ratings continue to limit the rating on TGS. Additionally, we're raising TGS's anchor score to 'bb-' from 'b+', reflecting our view of an improved business risk profile. The stable outlook reflect our expectations of TGS's adequate operating and financial performance in the next 12 months, with debt to EBITDA in the 1.5x-2.0x range. On July 5, 2016, S&P Global Ratings affirmed its 'B-' local currency and foreign currency ratings on Transportadora de Gas del Sur S.A. (TGS). The outlook remains stable. The local currency rating on TGS reflects our expectation that
