Fitch boosts Empresas Publicas

Fitch Ratings said it has upgraded Empresas Publicas de Medellin ESP's foreign currency issuer default rating and the $500 million bond issuance rating to BBB- from BB+.

Concurrently, Fitch said it has affirmed Empresas Publicas' local currency issuer default rating at BBB-.

The outlook is stable.

The rating upgrades are due to the increased geographic diversification of the company, a result of the acquisition of four distribution companies during the past two years, Fitch said, noting that they also take into consideration the strong performance of the company and its continued operations with limited government intervention, a result of a governance policy implement by the previous administration and maintained by the new administration.

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