Overview Key strengths Key risks Low leverage, with expected debt to EBITDA of 1.0x-1.5x for the next few years. Limited access to foreign currency given policy controls in Argentina (CCC/Stable/C). Some business diversification, as the company generates most revenue from the unregulated, dollar-denominated, natural gas liquids (NGL) segment. Unsupportive and volatile regulatory framework, given 30% of revenue comes from the regulated natural gas transportation business, which has discretionary tariff adjustments. The new administration has gradually eased restrictions on accessing and transferring funds abroad, particularly for debt repayment and imports. However, we believe Argentina's external position remains fragile. Restrictions could tighten again, including additional central bank regulations, forcing Argentine entities to unilaterally push forward payments in foreign currency debt (see ?
