Argentina-based natural gas Transportation Company Transportadora de Gas del Sur (TGS)'s operating and financial performance remained in line with our expectations. We are affirming our 'CCC-' local currency and 'CCC-' foreign currency ratings. The negative outlook on TGS mirrors that on the Republic of Argentina. On July 17, 2015, Standard&Poor's Ratings Services affirmed its 'CCC-' local currency and 'CCC-' foreign currency ratings on TGS. The outlook remains negative. The 'CCC-' foreign currency rating on TGS reflects our belief that the company won't be able to continue honoring its foreign currency obligations under potential restrictions to access foreign currency and/or restrictions on the ability to transfer funds abroad. As a result, the rating is the same as the Transfer
