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S&P rates Emgesa notes BBB-
Standard & Poor's said it assigned a BBB- issuer credit rating on Emgesa SA ESP and a BBB-senior rating on the company's Colombian peso 736.8 billion 8.75% notes due 2021.
The outlook is stable.
Ratings reflect the company's satisfactory business risk profile and its intermediate financial risk profile, the agency said.
The company's credit quality is intertwined with that of its sister company Codensa SA ESP (not rated), because of a shared management, support units and ownership, and the existence of intercompany loans to optimize cash allocation and diversify financing sources, the agency noted.
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