Fitch upgrades Emgesa

Fitch Ratings said it upgraded Emgesa SA ESP's foreign- and local-currency issuer default ratings to BBB from BBB-.

This action applies to the company's senior unsecured 736.760 million in Colombian pesos notes due 2021.

The outlook was revised to stable from positive.

Fitch also said it affirmed Emgesa's long-term national scale rating, as well as its debt at AAA(col).

The upgrades reflect the strong financial performance of the company, robust cash flow generation and the expectation of a moderate to low financial leverage after the Quimbo project begins operations in 2015, Fitch said.

The upgrade also considers the company's asset diversification and growth strategy, the significant progress in the construction of the Quimbo project and the positive expected cash flows that will result from its completion in 2015, the agency said.

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