We expect TGS's EBITDA generation to improve in the next two years and its leverage to remain moderate. We're affirming our 'B' ratings on Argentina-based natural gas transportation company. Although its stand-alone credit profile improved after the approval of the Integral Tariff Review, the sovereign ratings continue to limit the rating on TGS. The stable outlook on the company reflects that of the sovereign. On July 28, 2017, S&P Global Ratings affirmed its 'B' local and foreign currency ratings on Transportadora de Gas del Sur S.A. (TGS). The outlook remains stable. The ratings on TGS reflect our expectation that despite its solid current and projected credit metrics and adequate liquidity position, the 'B' sovereign rating on Argentina limits TGS's credit
