S&P cuts Transener

S&P said it downgraded Compania de Transporte de Energia Electrica en Alta Tension Transener SA to CCC+ from B-.

The company’s cash flows will suffer in 2020, given that the first-rate adjustment for 2020 hasn't been granted while expectations for the second adjustment are slim, in the agency’s view, S&P said.

“Compounded with a higher regulatory risk, the bullet bond due August 2021 increasingly pressure the company's capital structure and liquidity amid difficult financial and business conditions in Argentina,” said S&P in a press release.

The outlook remains negative.

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