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GEB’s rating affirms stable cash flow, solid position, and liquidity, despite reliance on subsidiary dividends and high payout policy.

Promigas's free cash flow (FCF) is expected to remain negative in the short and medium term, continuing a five-year trend of structurally negative FCF.

A positive rating action for GEB is unlikely in the near to medium term due to anticipated EBITDA pressures and potential capex increases.