We expect TGS to generate stable EBITDA in the next two years and post moderate leverage with debt to EBITDA below 2.0x. We're affirming our 'B+' ratings on Argentina-based natural gas transportation company. Although its stand-alone credit profile (SACP) of 'bb' reflects stable and predictable cash flows, given that around 60% of EBITDA comes from the regulated natural gas transportation business, the sovereign ratings continue to limit the ratings on TGS. The stable outlook on the company reflects that on the sovereign. On July 31, 2018, S&P Global Ratings affirmed its 'B+' foreign and local currency ratings on Transportadora de Gas del Sur S.A. (TGS). At the same time, we affirmed our 'B+' rating of the company's seven-year senior unsecured
