Fitch: Natural Gas Colombia: Outlook 2015

The Rating Outlook for natural gas transport and distribution companies is Stable, supported by the sector's low business risk profile, which is derived from the stability and predictability of operating flows.

Fitch projects that the adjusted debt / EBITDAR leverage ratio for most companies will hover between 3.5 and 4x for 2015 and 2016. Deleveraging should gradually occur for many corporates during these years

The risks of a downgrade of the companies in the sector are associated with the implementation of major investment plans that are mainly funded with debt, which could pressure leverage metrics beyond the 3.5x to 4.0x range on a sustained basis. Maintaining aggressive dividend distribution policies could also threaten ratings and lead to negative rating actions.

The full report 'Natural Gas Colombia: Outlook 2015' is available at 'www.fitchratings.com' or by clicking on the link.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research: 2015 Outlook: Colombian Natural Gas

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=862722

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