Fitch downgrades EPM, bond

Fitch Ratings said it downgraded Empresas Publicas de Medellin ESP's (EPM) long-term foreign- and local-currency issuer default ratings to BBB from BBB+.

The actions affect about $1.5 billion of EPM's international bond, also downgraded to BBB from BBB+.

Simultaneously, the agency maintained the negative watch on EPM's national long-term rating and its local bond ratings of AAA(col).

The rating watch for all ratings remains negative.

Fitch said the downgrade reflects the escalating technical complications related to the company's Ituango hydroelectric project and the agency’s view that these will materially impact the company's ability to reach medium-term deleveraging targets.

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