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Fitch rates EPM notes BB+
Fitch Ratings said it assigned a BB+ rating to Empresas Publicas de Medellin ESP's $500 million proposed unsecured note issuance.
Proceeds are expected to be used to finance capital expenditures associated with the company's 2009 to 2012 growth strategy and for other general corporate expenses.
Ratings reflect the company's position as one of the largest generators of electricity, natural monopoly position as the main supplier of power and natural gas services to the Medellin metropolitan area and the department of Antioquia, the agency said.
Ratings also reflect the company's financial profile and its aggressive growth strategy, the agency noted. As of year-end 2008, the company recorded a total debt-to-EBITDA ratio of 0.8 times.
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