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S&P lifts Coltel to B+
S&P said it raised its issuer credit and issue-level ratings on Colombia Telecomunicaciones SA ESP (Coltel) to B+ from B and removed the ratings from CreditWatch with negative implications, where S&P placed them on Dec. 18, 2023.
S&P said it assigned a positive outlook on Coltel, which reflects expectations that the company will continue to strengthen business growth, operating cash generation, and debt refinancing, while improving credit metrics for the next 12-18 months.
“We expect adjusted debt to EBITDA close to 3x and free operating cash flow (FOCF) to debt of about 10% on a consistent basis,” S&P said in a news release.
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