Moody's cuts Metrogas

Moody's Investors Service said it downgraded the corporate family rating and senior unsecured foreign-currency ratings of Metrogas SA to Ca from Caa3 and the national scale rating to D.ar from Caa3.ar following the company's filing for reorganization proceedings under Argentine Law, which is similar to Chapter 11.

Following the downgrade, Moody's said it will withdraw the company's ratings.

The combination of a lack of tariff increases for more than 10 years and growing inflation has had a negative impact on the company's operating margins and cash generation, Moody's said.

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