Moody’s changes Empresas Publicas view

Moody's Investors Service said it confirmed the Baa3 global scale issuer and senior unsecured ratings assigned to Empresas Publicas de Medellin ESP.

The baseline credit assessment of ba1 was also confirmed.

The outlook was revised to negative.

The action concludes the review for downgrade commenced on May 24.

Moody’s said the action reflects the combination of the relatively more controlled condition of the Ituango hydro project as well as the asset divestment program announced by the company.

Since the latest action in May, the project has completed the spillway and no additional significant natural disasters have occurred, the agency noted.

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