Argie Gas Regulator Detects TGN Problems

Enargas, Argentina’s national gas regulator, has asked a federal criminal court to investigate “grave irregularities” at Transportadora de Gas del Norte, according to local media and wire reports. Last week the government appointed a comptroller to oversee the company’s management for a 120-day period following the gas utility’s decision to default on a $22m debt payment. The comptroller “detected grave irregularities in the company’s books, which could constitute illegal actions,” according to a statement issued by Enargas, cited by press reports. Fitch cut TGN to D from C last week following the announcement of the default and initiation of a restructuring process for its $350m in outstanding debt.