Fitch upgrades UNE EPM

Fitch Ratings said it upgraded UNE EPM Telecomunicaciones SA's (Tigo UNE) long-term foreign currency and local currency issuer default ratings to BB from B+, national long-term rating to AA(col) from A-(col), and COP unsecured notes to AA(col) from A-(col)/RR4.

The outlook is stable following the upgrade.

“The upgrades and stable outlook reflect Tigo UNE's improved liquidity due to equity support from its two shareholders, Millicom and Empresas Publicas de Medellin (EPM), in 2023 and proceeds from recent tower sales. The company has also demonstrated its ability to access external debt financing. Fitch expects Tigo UNE's FCF generation to improve over the rating horizon as it focuses on cost control initiatives. The ratings also consider the company's governance structure,” the agency said in a press release.

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