Fitch ups Transportadora de Gas Internacional

Fitch Ratings said it upgraded Transportadora de Gas Internacional SA ESP's foreign and local currency issuer default ratings to BB+ from BB and upgraded the company's $750 million outstanding senior unsecured notes due 2017 to BB+ from BB.

The outlook is stable.

Fitch said the rating action reflects Fitch's recent upgrade of Empresa de Energia de Bogota's to BB+ following that company's equity issuance of about $420 million, which strengthens that company's capital structure and mitigates the company's need to increase debt levels to fund capital investments.

Transportadora de Gas Internacional's upgrade also reflects the company's improved cash flow generation due to recent investments, the agency said.

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