Moody’s changes ETB view to stable

Moody’s Investors Service said it changed the outlook on Empresa de Telecom de Bogota SA ESP (ETB) to stable from negative.

At the same time, the agency affirmed the company's Ba3 corporate family rating and the Ba3 rating on its COP 530 billion senior unsecured notes due 2023.

The baseline credit assessment of b1 is unchanged.

“The stabilization of the outlook reflects the recovery in ETB's operating performance and liquidity profile in the past couple of years,” Moody’s said in a news release.

“ETB's sales have remained flat in the past several years as the development of new businesses (pay TV, mobile) offset the secular decline in fixed telephony, the traditional business of ETB. However, the implementation of cost efficiencies resulted in recent improvements in the company's profitability.”

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