Moody’s rates Promigas bonds Baa3

Moody’s Investors Service said it assigned a Baa3 rating to Promigas SA and its proposed $400 million senior unsecured bonds with a maturity of seven to up to 10 years.

“Promigas benefits from very limited competition, the regulated businesses in which it operates, and sound business prospects. Supply of natural gas has become increasingly important in Colombia and is supported by solid demand growth in the electricity generation sector,” said Moody’s in a press release.

The outlook is stable.

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