Fitch assigns Empresas Gasco BBB-

Fitch Ratings said it assigned Empresas Gasco SA a first-time long-term foreign-currency issuer default rating and long-term local-currency IDR of BBB-. The agency also affirmed the A+(cl) ratings on Gasco’s senior unsecured debt. The outlook is stable.

“The ratings reflect Gasco's solid business profile through a relevant participation in the liquefied petroleum gas (LPG) distribution segment in Chile and geographic diversification into Colombia. The ratings incorporate Gasco's change to its gas supply model in Chile following the sale of Gasmar SpA (Gasmar). With this change, Gasco will import LPG directly and maintain a contract for the use of the terminal infrastructure with Gasmar,” Fitch said in a press release.

The agency said it forecasts Gasco’s “gross debt at around 3x over the rating horizon, in line with the 3.1x recorded at YE 2022. In addition, EBITDA-to-interest coverage will remain solid between 7x and 8x over the 2023 to 2026 period.”

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