Argentina-based natural gas transportation company Transportadora de Gas del Sur S.A. (TGS) plans to issue seven-year senior unsecured bullet notes for up to $500 million. The company will use the proceeds mostly to purchase its $470 million existing senior unsecured notes due in 2025. On July 15, 2024, S&P Global Ratings assigned its 'CCC' issue-level rating to the company's proposed notes. At the same time, we affirmed our 'CCC' foreign and local currency ratings on TGS. The stable outlook mirrors that of the sovereign, while it also reflects the conservative leverage evidenced by a debt-to-EBITDA ratio below 2.0x in the next two years amid solid cash flows through diversified segments. The ratings on TGS continue to be capped at the
