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In addition to citing the telecom's strained credit metrics and negative free cash flow generation, Fitch cited intense competition in the Colombian telecom market.

“ISA's credit metrics reflect solid cash flow generation, moderate debt levels and adequate liquidity,” stated Fitch.

The notes are being issued to refinance the Medellín utility's $1.0 billion USD syndicated club deal loan due in 2020.

The $600 million USD of unsecured notes will be used to repay a senior bridge loan due next year on January 11.