Fitch affirms Calidda

Fitch Ratings said it affirmed Gas Natural de Lima y Callao SA's (Calidda) long-term local and foreign currency issuer default rating at BBB/stable and its $320 million of senior unsecured notes due in 2023 at BBB.

Fitch said the ratings reflects the company's improved capital structure supported by its naturally monopolistic market position as Lima and Callao's sole natural gas (NG) distributor.

“It is further underpinned by the sustained cash flow stability provided by its transparent, regulated tariff scheme designed to ensure adequate return on investment,” the agency said in a news release.

“Calidda's cash flow generation also continues to benefit from expected demand growth of 110,000 client additions per year going forward, based on Fitch's estimates.”

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