Fitch Confirms Telefónica Movistar in Colombia at AAA

On Friday, risk rating agency Fitch Ratings announced that its rating for Telefónica Movistar in Colombia at ‘AAA (col)’ and ‘F1+ (col)’. The outlook for the long-term rating is stable, and the ratings firm also assigned the rating of ‘AAA (col)’ to the issuance of 2019 ordinary bonds of 2019 for $500 billion Colombian pesos.

Fitch says that it took into consideration that the company will maintain its market share in both mobile and fixed services through investments and renewals in the network. This dynamic should support EBITDA generation and stable leverage. Telefónica Movistar is the second largest telecommunications operator in Colombia, offering mobile, fixed and business-to-business (B2B) services.

“Movistar Colombia is part of the life of Colombians, from their devices to their homes and companies, that makes us a privileged actor in the digital transformation of the country, to be able to influence the well-being of workers and our suppliers, allies, shareholders and users in general, we provide them with a value offer that we hope will meet and exceed their expectations. This rating reaffirms that we must continue to position ourselves as a key player in the market, continue to deploy fiber optics in Colombia, with which we hope to reach more than 5.5 million homes by the end of 2024.” said Fabián Hernández, CEO of Telefónica Movistar Colombia.