Fitch upgrades Transportadora de Gas

Fitch Ratings said it upgraded Transportadora de Gas Internacional SA ESP's foreign and local currency issuer default ratings to BBB- from BB+. These rating actions apply to $750 million of debt outstanding.

The outlook is stable.

The agency said the rating action reflects Fitch's recent upgrade of Empresa de Energia de Bogota to BBB- as a result of its improving financial profile. Transportadora de Gas' upgrade reflects the company's linkage with its primary shareholder, Empresa de Energia, which supports the company through intercompany loans.

Fitch said the upgrade also reflects the company's improved cash flow generation due to recent investments, improving credit metrics and solid contracted position.

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