Moody's rates Empresas notes Baa3

Moody's Investors Service said if assigned a Baa3 rating to the Colombian peso 1.25 trillion to the senior notes due in 2021 issued by Empresas Publicas de Medellin SA ESP.

The outlook is stable.

The action reflects Empresas' standalone credit risk profile captures the anticipated material increase in leverage to fund the group's sizable capital expenditure program and the progressive deterioration in strong historical credit metrics, according to the agency.

The Baa3 rating reflects Empresas' ownership structure and linkages with the city of Medellin (Baa3/stable), the agency noted.

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