Moody’s assigns EPM notes Baa3

Moody’s Investors Service said it assigned a Baa3 rating to Empresas Publicas de Medellin ESP’s planned issuance of senior unsecured notes.

“Final amounts and terms will depend on market conditions, but we anticipate an issuance ranging between $500 and $750 million, with maturity in 10 years,” Moody’s said in a press release.

The proceeds will be used for general corporate purposes. “We expect them to be used to strengthen the company’s liquidity position amid economic repercussions of the Covid-19 outbreak,” the agency said.

The outlook is negative.

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