Fitch rates EPM notes BBB

Fitch Ratings said it assigned a long-term BBB rating to Empresas Publicas de Medellin ESP’s proposed senior unsecured dollar-denominated issuance that matures in 2031. Fitch also assigned a long-term BBB rating to the company’s proposed reopening of its 8.375% senior notes due 2027 payable in Colombian pesos.

The new issuance, combined with a reopening of the peso-denominated 2027 bond, will be up for to $750 million. The ratings are on rating watch negative.

The proceeds will be used for general corporate purposes, including to fulfill working capital needs and to provide the company with added liquidity during this period of economic uncertainty, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.