Tag

Cartagena's rating is explained by results that exceeded expectations in 2023, which consolidates a structural improvement in the district's tax collection.

"The improvements in the ratings and the stabilization of the outlook reflect the strengthening in Tigo UNE's liquidity."

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.

The ratings agency noted ISA's low business risk profile, manageable regulatory risk, and indebtedness that matches expectations, among other factors.

Fitch's rating is based on the expectation of national government backing due to "important role of the entity as an instrument for the promotion of higher education in Colombia."

Fitch: "Medium-term uncertainties include Avianca's ability to maintain its strong operating margins while resuming its business growth post Chapter 11 process in U.S."

"This equity injection, along with an agreement to rollover bank debt with Bancolombia, have allowed the company to greatly reduce its refinancing risk," 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.