Fitch affirms Nova Transportadora

Fitch Ratings said it affirmed Nova Transportadora do Sudeste SA's national long-term rating at AAA(bra).

The agency also affirmed the company’s R$5.2 billion second debenture issue due April 2023 at AAA(bra).

The outlook is stable.

“NTS' ratings reflect its solid business model, supported by long-term contracts and the Brazilian gas transportation industry's low risk profile, which allows healthy protection of its revenues, high margins and strong and stable operating cash flows,” the agency said in a news release.

“These features should continue to preserve the company's robust credit profile.

“The ratings also factor in NTS' low need for capex, high free cash flow (FCF) balances before distribution to shareholders, in addition to the conservative credit metrics.”

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