Moody’s Ratings has withdrawn the corporate and debt ratings of the National Gas Company of Trinidad and Tobago (NGC), citing inadequate information to continue monitoring the company’s ratings after the state-owned energy firm chose to stop participating in the ratings process.

Prior to the withdrawal, NGC held a Ba2 corporate family rating, a ba2 baseline credit assessment and a Ba2 rating on its senior unsecured notes.

The outlook on the ratings had been negative.

In a statement issued Thursday, Moody’s said the withdrawal followed the company’s decision to cease participation in the credit rating
process.

“We have decided to withdraw the rating(s) because of inadequate information to monitor the rating(s), due to the issuer’s decision to cease participation in the rating process,” Moody’s stated.

NGC, headquartered in Point Lisas, was established by the Government of Trinidad and Tobago in 1975 and remains wholly state-owned.

The company serves as the country’s sole purchaser, transporter and distributor of natural gas to the domestic energy sector and also acts as the government’s designated agency for promoting natural gas-based investments.

NGC has interests in several major energy assets, including equity stakes in Phoenix Park Gas Processors Ltd.

And Atlantic LNG Company of Trinidad and Tobago, one of the country’s major liquefied natural gas exporters.

Through its subsidiary, NGC Petrochemicals Limited, the company also holds a 20 per cent stake in the Caribbean Gas Chemical Ltd Methanol and Dimethyl Ether Petrochemical Complex.

According to Moody’s, more than 70 per cent of NGC’s gas sales are directed to the domestic petrochemical industry, primarily ammonia and methanol producers.

The remainder is supplied to the domestic power sector, steel producers and other industrial customers.

The company also operates approximately 1,000 kilometres of offshore and onshore pipelines with a maximum transport capacity of 4.4 billion
cubic feet of gas per day.