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Fitch: Empresas Publicas de Medellin notes BBB
Fitch Ratings said it expects to assign a BBB rating to Empresas Publicas de Medellin ESP’s proposed senior unsecured Colombian peso-denominated debt issuance of up to the equivalent of $500 million.
The proceeds will be used to fund its capital investments, namely the Ituango hydroelectric generation project, Fitch said.
The ratings reflect the company’s low business risk, resulting from its business diversification and characteristics as a utility-service provider, the agency said.
The ratings also consider its solid credit protection measures supported by low leverage, healthy interest coverage and strong liquidity position, Fitch said.
The ratings also take into account the company’s somewhat aggressive growth strategy, the agency said, as well as the company’s exposure to regulatory risk, which is considered moderate.
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