Fitch affirms TransGas de Occidente's notes at BB

Fitch Ratings said it affirmed the BB debt rating on Colombia-based TransGas de Occidente's 9.79% senior secured notes due 2010.

The agency said the rating affirmation is fundamentally based on the project's stable revenues derived primarily from tariff payments received from Ecopetrol (issuer default rating BB, outlook positive), the wholly owned Colombian state company that explores for and exploits oil in Colombia (long-term foreign currency rating BB, outlook positive).

The credit characteristics of TransGas have remained stable and consistent with the agency's expectations. The rating of the notes would have continued to be in the low-investment-grade category, as assigned by Fitch initially, were it not for the constraints imposed by Ecopetrol and the sovereign.

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