Overview Key strengths Key risks Comfortable debt maturity in the next 24 months because TGS's debt consists only of a bullet bond due in May 2025. Macroeconomic volatility in Argentina (CCC+/Stable/C)--including the soaring interest rates, currency depreciation, and high inflation--erodes the company's operating conditions and may limit its access to foreign currency. TGS generates most of its revenue in the unregulated, dollar-denominated, natural gas liquids (NGL) segment, with solid operating profitability, which provides some business diversification. Exposure to an uncertain regulatory framework. Specifically, we view adjustments of TGS's regulated business tariffs as discretional amid high inflation. Our 'CCC+' rating on TGS mainly reflects that its operations are located in MACROBUTTON OrgId_127096 Argentina, exposing the company to worsening business conditions and
