Moody's lowers Gas Natural

Moody's Latin America said it downgraded Gas Natural Ban SA's corporate family rating to B3 from B2 and its national scale rating to Baa1.ar from A1.ar.

The outlook was changed to negative.

Moody's said the downgrade was prompted by Gas Natural's declining operating performance, which in light of the ongoing issue of frozen tariffs, it expects to continue.

The downgrade also reflects the liquidity constraints the company will face over coming quarters should the frozen tariff position and declining cash flows of the company not change, the agency said.

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