Fitch ups Colombia Telecomunicaciones

Fitch Ratings said it upgraded Colombia Telecomunicaciones SA ESP’s (ColTel) foreign currency and local currency issuer default ratings to BBB- from BB+, the 2022 notes to BBB- from BB+, and the hybrid note to BB from BB-.

“The upgrades reflect the company’s continued deleveraging following the 2017 recapitalization, materially strengthening its financial profile, which is now in line with investment-grade peers throughout the region. Fitch expects that the company’s investments will support the company’s stable business position by diversifying revenue streams and improving network coverage in a competitive Colombian market,” the agency said in a press release.

The rating outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.