Moody’s downgrades National Gas

Moody's Investors Service said it downgraded National Gas Co. of Trinidad and Tobago's foreign currency bond rating to Baa3 from Baa2.

National Gas’ ba1 baseline credit assessment remains unchanged.

At the same time, Moody's confirmed Petroleum Co. of Trinidad & Tobago Ltd. (Petrotrin)'s Ba3 senior unsecured debt ratings. Petrotrin's b3 BCA remains unchanged.

The outlook for both companies is negative.

These actions follow Moody's April 15 downgrade of Trinidad & Tobago’s bond ratings to Baa3 from Baa2 with a negative outlook.

In its joint default analysis, Moody's assumes a high default correlation between the company and the sovereign, its sole shareholder and a very high support probability from the government to National Gas, in case of need.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.