S&P trims Transportadora de Gas del Peru

S&P said it trimmed Transportadora de Gas del Peru SA’s ratings to BBB from BBB+ following its downgrade of Peru’s foreign-currency sovereign rating to BBB from BBB- on Friday.

“The rating action on TGP follows that on the sovereign because we don't believe TGP would pass a hypothetical sovereign stress scenario. We maintain our view that the company and its offtakers are exposed to the sovereign and to sensitive industries such as gas and electricity, and therefore subject to potential heightened scrutiny, political intervention and country risk,” S&P said in a press release.

The outlook is stable.

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