Despite the recent tariff-increase delay, we expect Transportadora de Gas del Sur S.A. (TGS) to generate robust EBITDA in the upcoming two years and to maintain a relatively low leverage, as seen in our projected debt to EBITDA of below 1.5x. On July 29, 2019, S&P Global Ratings affirmed its 'B' foreign and local currency ratings on Argentina-based natural gas transportation company. At the same time, we affirmed our 'B' rating on the company's senior unsecured notes for $500 million due 2025 and maintained the stand-alone credit profile (SACP) at 'bb'. The stable outlook on the company reflects that on the sovereign. The rating action on TGS reflects our expectation that despite its solid cash flow generation and current and
