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Fitch rates Empresa de Energia notes BB
Fitch Ratings said it assigned Empresa de Energia de Bogota SA ESP's proposed issuance of up to $710 million in senior unsecured notes a preliminary rating of BB and foreign- and local-currency issuer default ratings of BB.
The outlook is stable.
Proceeds will be used to repay a portion of Empresa's bridge loan for Transportadora de gas del Interrior SA ESP's acquisition of Ecogas' natural gas transportation assets.
The ratings reflect the company's diversified portfolio of energy assets, with low business risk profile and stable cash flow generation, along with support from Bogota District Capital, which owns 81.5% of the company, according to Fitch.
The ratings also reflect the company's exposure to regulatory risk throughout most businesses and moderately high leverage, the agency said.
The issuer's total debt-to-EBITDA plus dividends ratio is about 4.4 times.
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