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Fitch affirms EEB
Fitch Ratings said it affirmed Empresa de Energia de Bogota SA ESP's foreign- and local-currency issuer default ratings and $610 million senior unsecured notes due 2014 at BB.
The outlook is negative.
The agency said EEB's ratings reflect the company's diversified portfolio of assets, which have a low business-risk profile, and stable and predictable cash flow generation.
The negative outlook reflects weakening prospects for EEB to reduce debt leverage over the near to medium term and the potential increase in leverage to finance the company's aggressive growth strategy, Fitch said.
For the last 12 months ended Sept. 30, EEB's ratio of consolidated debt to EBITDA plus dividends received was 3.1 times.
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