S&P upgrades MEGA

Standard & Poor's upgraded Compania MEGA including raising its $102 million floating-rate notes series E due 2008, $169.5 million floating-rate notes series D due 2009 and $173.25 million notes series G due 2014 to CCC+ from CC.

S&P said the action is based on the project's adequate financial and operating performance despite the challenging conditions in Argentina.

S&P said it expects the current level of performance to continue, resulting in adequate debt service coverage ratios, notwithstanding the institutional challenges for companies operating in the Argentine economy. In addition, the ratings assume that the regulations for the oil and gas sector will not be subject to changes that significantly affect the operating environment in the country.

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