Fitch Ratings increases TGI's rating to investment grade
Bogotá, Colombia, 02 November 2012
The international risk rating agency FITCH ratings raised the corporate credit rating in local and foreign currency of TGI from “BB+” to “BBB-” with a stable perspective.
This improvement applies also to the Notes valued in US$750 million issued in the international capital market that will expire in 2022.
With this improvement and with the rating Moody's had granted the company in March 2012, TGI is now a company with two investment grade ratings, which means less financing costs and greater access to financial markets.
The rating report highlights TGI's low risk profile as regards improvement in cash flow generation in the investments it has undertaken in the past years, it sound standing of long term and in firm transportation contracts, the diversification of its customers, and improvement in debt indicators in addition to its strong position.
Furthermore, this rate increase granted values its moderate indebtedness level, as well as the continuous support of its major shareholder, Empresa de Energía de Bogotá, with whom it has subordinated inter company loans to the issuance of international notes.
Fitch also highlighted that recent management of TGI debt operations undertaken at the end of 2011 and beginning of 2012 where the useful mean life of the debt portfolio increased in over 5 years and it reduced financial costos by almost 40%, reducing liquidity risks and and medium term and short term refinancing.
About Transportadora de Gas Internacional
Transportadora de Gas Internacional S.A. ESP. (TGI) is a Colombian company whose major shareholder is Grupo Energía de Bogotá, a company that renders public service of gas transportation, with social responsibility, world class practices and an innovative, efficient and high quality team. It is currently the largest pipeline gas transport in Colombia with a pipeline extension of 3,957 kms and available capacity of over 700 MPCD.