TGSU2 Transp. Gas del Sur

[bariloche]

ficial: $ 6.69

Dólar Blue: $ 10.80

Dólar Turista: $ 9.03

Dólar C/Liqui (promedio de bonos soberanos): $ 9.67

[Pirata]

Bariloche (o cualquiera que me pueda responder) les hago una consulta:
Donde puedo encontrar el ccl para cada empresa? de donde lo sacan?
Gracias por adelantado

[Pocoyo]

Tranquilos los comprados... PPP

Rating Action:
Moody's affirms its B3 and A2.ar senior unsecured bond ratings of Transportadora de Gas del Sur S.A. (TGS), changes outlook to stableThe document has been translated in other languages

Global Credit Research - 13 Jan 2014
Buenos Aires City, January 13, 2014 -- Moody's Investors Service ("Moody's") affirmed its B3 and A2.ar senior unsecured bond ratings of Transportadora de Gas del Sur S.A. (TGS) following the company's announced exchange offer in relation to its outstanding USD 374 million 7.875% Notes, due 2017. The rating outlook has been changed to stable from negative.
RECENT EVENTS
TGS announced an exchange offer in relation to the USD 374 million principal amount of its 7.875% guaranteed senior unsecured notes due 2017. "The proposed exchange offer, if successfully completed, is a modest credit positive for TGS as it will result in an extension of the company's debt maturity profile", said Daniela Cuan, Moody's lead analyst for TGS. "Although we expect that TGS will pay a higher coupon on the new notes, the increased financial flexibility as a result of the maturity extension more than offsets the increased cost of debt" Cuan added. Following the transaction, we expect the company to still maintain a relatively low leverage position, with adjusted debt/EBITDA declining to below 2.0 times after the scheduled May principal payment of USD 93.5 million. We also expect TGS to continue generating strong levels of cash flow in relation to debt.
The new notes will be issued under TGS US$400 million medium term note program and will constitute obligaciones negociables ("Negotiable Obligations") and will be issued pursuant to and in compliance with all the requirements of Argentine Negotiable Obligations Law. The Exchange Offer is conditioned on at least USD 150 million being exchanged.
Following the exchange offer, the New Notes, that will mature in 2020, will be senior unsecured obligations and will rank at all times pari passu in all respects, without any preference among themselves, with all of TGS's other present and future unsecured and unsubordinated obligations, other than obligations preferred by statute or by operation of law.
Issuer: Transportadora de Gas del Sur S.A.
..Assignments:
....Senior Unsecured Assigned B3/ A2.ar
..Affirmations:
....Senior Unsecured Affirmed B3/A2.ar
.Outlook Actions:
....Outlook, Changed To Stable From Negative
RATINGS RATIONALE
The B3 and A2.ar ratings are supported by TGS' strong credit metrics and debt protection measures for its rating category.
The outlook change to stable is prompted by TGS's sustained credit metrics and debt reduction over recent years in spite of an unpredictable regulatory environment and frozen tariffs.
TGS's credit metrics are strong, not only relative to its B3 rating but also relative to its Latam peers operating in the natural gas pipeline industry with a ratio of FFO to interest as of September 2013 of 3.7 times, RCF to debt at 19% and FFO to debt at 30%. TGS's relatively strong credit profile is primarily supported by the unregulated portion of its business, given that in the regulated business sector tariffs have been frozen for some time under an unsupportive and highly unpredictable regulatory framework. Nevertheless, TGS' natural gas transportation business benefits from stable, regulated revenues and limited competition.Despite the constraints of its frozen regulated tariffs and the unpredictable regulatory framework prevailing in Argentina, TGS has been able to significantly reduce debt due to strong cash generation from the very favorable cash margins received for Natural Gas Liquid (NGL) products produced in the unregulated segment coupled with relatively low capital expenditure requirements and several years of no material dividend payments.
The ratings are also limited by the contract quality underlying its regulated business model. In particular, we note that firm revenues are significant (more than 70% of transport revenues) but have become much smaller (20%) if measured in relation to the company's total revenues given the frozen tariffs. In addition, TGS's main regulated clients are regulated gas distribution companies whose ratings are typically in the B/Caa range and contracts are short term.
On the other hand, TGS is one of the largest natural gas processors and marketers of NGL products in Argentina The liquids production and commercialization business is not subject to regulation by ENARGAS, the federal regulator for both gas pipeline and distribution companies. Because of the inherent commodity risks associated with this unregulated business, revenues and earnings can be volatile. Nevertheless, the company has been able to not only grow but maintain a consistent track record of profitable operations from this segment over the last several years. Revenues from this segment represent approximately 68% of total revenues.
Finally, we believe that the creditworthiness of the company cannot be completely de-linked from the credit quality of the Argentine government and that the ratings need to be closely aligned to reflect the risks that TGS shares with the sovereign; therefore, TGS' B3 foreign currency rating is constrained by Argentina's B3 foreign currency bond ceiling.
LIQUIDITY PROFILE
In spite of frozen regulated tariffs for its gas transportation services, over five year of high prices for its liquids products coupled with stable production levels and no material capital expenditures have resulted in consistent sound cash generation in relation to debt and a strong liquidity position. Even though the company's dividend policy has become somewhat more aggressive in the last couple of years, TGS has been able to sustain high levels of cash on its balance sheet.
The USD 374 million outstanding notes are TGS's only debt obligation and next USD 93.5 million principal payment due in May will be funded with cash on the balance sheet and will be repaid regardless of the outcome of the exchange offer. Therefore after the May payment TGS's total debt will decline to approximately USD 280 million with a maturity profile that is expected to be extend through 2020 if the exchange is successful. Restrictive covenants on new notes include: interest coverage ratio (EBITDA /Interest) greater than 2 times and leverage ratio (debt to Ebitda) of less than 3.75 times.
RATING OUTLOOK
The stable outlook for TGS reflects our view that TGS will be able to continue generating adequate profits and cash flows in relation to debt in spite of the continuation of frozen tariffs for its transportation services and the inherent commodity risks and volatility associated with its liquids business. .
What Could Change the Rating - Up
Given the exposure of TGS to the local market and its regulations, we do not expect an upgrade of the rating over the near term. Nevertheless, an upgrade of the rating or the outlook could result from a favorable conclusion of the renegotiation with the government resulting in a tariff increase for TGS that allows it to improve returns and profitability on its transportation services and/or structural changes by the government that provide a more predictable regulatory framework that have a positive impact on TGS' ratings in combination with a sizable reduction in foreign currency debt.
TGS' B3 foreign currency rating is constrained by Argentina's B3 foreign currency bond ceiling; therefore, TGS' ratings would be upgraded if Argentina's foreign currency bond ceiling is upgraded.
What Could Change the Rating - Down
Negative pressure on the ratings could result with a deterioration of TGS' credit metrics from current levels, such that total debt to EBITDA increases to over 4 times or interest coverage (FFO plus Interest to Interest) falls below 2.5 times. A more aggressive financial policy that results in levels of FCF (FFO less dividends) to debt of less than 15% or if the company's relatively strong liquidity position materially weakens could also create negative rating pressure.
Headquartered in Buenos Aires, Argentina, TGS's is the largest transporter of natural gas within the country, delivering approximately 60% of the total gas transported in Argentina. TGS's gas transportation business is regulated by ENARGAS, and revenues from this business are expected to represent approximately 27% of total revenues in 2013. TGS is also one of the largest natural gas processors and one of the largest marketers of NGL products in Argentina. Revenues from this segment are expected to represent approximately 68% of total revenues in 2013.
The principal methodology used in this rating was Natural Gas Pipelines published in November 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology. Please see the regulatory report on www.moodys.com.ar.

[Pocoyo]

Tranquilos los comprados... PPP

[bariloche]

se dan cuenta que el Zorro no habla al pe**! Abrazo

A cuanto el CCL de esta? 9.30? 9.60 en YPF

[Palo y a la bolsa]

Hoy tanemos en el adr aumento de la cotizacion y tambien de volumen.
La veo que tendria que recuperar.

Hoy me esta aumentando la ilusion Jaba... Yo también me tengo que recuperar...

[jabalina]

Esperemos jaba, la venimos remando de hace rato a esta chiquilina

La chiquilina no nos va a defraudar,

[jafebo]

upa! arrancamos en serio?

vamos de nuevo a esos cincope que seran pasados como alambre caido cuando esto empiece a hervir entrado el 2014...

[dongps]

Esperemos jaba, la venimos remando de hace rato a esta chiquilina

[jabalina]

Hoy tanemos en el adr aumento de la cotizacion y tambien de volumen.
La veo que tendria que recuperar.

[Pocoyo]

Gracias. Tengo que analizar donde será piso aunque yo estoy en ADR. Seguiremos acumulando.

Buen fin de semana

Ves un piso por debajo del actual? Yo no la vengo viendo por debajo de 2,05... por eso pregunto.

Coincido, 2.05 parecería piso.

[Palo y a la bolsa]

Gracias. Tengo que analizar donde será piso aunque yo estoy en ADR. Seguiremos acumulando.

Buen fin de semana

Ves un piso por debajo del actual? Yo no la vengo viendo por debajo de 2,05... por eso pregunto.

[bariloche]

No mal vendender,Vale 4 minimo Hoy

[Pocoyo]

La nueva deuda propuesta de MUSD 374, fue calificada como CCC+ por S&P

La nueva deuda vencería en 2020 y serviría como cambio de la deuda de 2017

La baja calificación responde al entorno Argentina

TGS tiene una buena capacidad para generar cash flow y dice que tiene cash por MUSD 140 en este momento...

Pagarán dividendos?

[Pocoyo]

Zorro, estás pagando para abajo?

Si en general opero así. Espero q empieze a bajar de acuerdo a retrocesos y comienzo a comprar donde veo pisos. Ayer me faltaron comprar 1400 a 3,78 que no me dieron.

Gracias. Tengo que analizar donde será piso aunque yo estoy en ADR. Seguiremos acumulando.

Buen fin de semana