Fitch rates EPM notes AAA(col)

Fitch Ratings said it assigned an AAA(col) long-term national scale rating to Empresas Publicas de Medellin ESP’s $575 million senior unsecured dollar-denominated notes that mature in 2031.

As part of the capital raise, EPM reopened its peso-denominated 8 3/8% global bond due 2027, which is rated AAA(col), for COP 635 billion, or $175 million. The total amount raised was $750 million. The ratings have a 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, the agency said.

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