Fitch downgrades EPM

Fitch Ratings said it downgraded Empresas Publicas de Medellin ESP's foreign- and local-currency issuer default ratings to BB+ from BBB- and maintained the negative rating watch. Additionally, the agency lowered the company's senior unsecured debt ratings to BB+ from BBB- with a negative rating watch.

“EPM's ratings reflect strong ownership and control by its owner, the city of Medellin (BB+/stable), which was downgraded to BB+/stable from BBB-/negative. The company's business risk is low resulting from its diversification and characteristics as a utility service provider,” Fitch said in a press release.

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