Moody’s assigns Baa2 to EPM notes

Moody's Investors Service said it assigned a Baa2 rating to Empresas Publicas de Medellin ESP's (EPM, Baa2 stable) global Colombian peso notes due 2027 to be issued in the equivalent amount of up to $1 billion.

The outlook is stable.

The global notes will be issued in Colombian pesos but are settled in dollars.

Proceeds will be used to refinance, in portion or in total, the $1 billion syndicated club deal loan due 2020.

Following the transaction, Moody’s said EPM's total debt average life will extend to almost 6.5 years from the current 5.2 years. While settlement of the debt will be in dollars, the local currency denomination of the debt will reduce EPM's exposure to dollar-denominated debt from the current level of 31% to 22%.

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