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

Officially, EPM quantified these underwater works as 86% complete, which has set the stage for the restoration of additional tunnels.

"The board of directors as a whole has a wide mix of profiles that will allow them to take on the challenges of the organization," said EPM.

"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.

Banco de la República left interest rates at 13.25%, a terminal rate that needs to come down ASAP. The cut doesn't need to be radical but at least signal that the easing cycle has begun.

Much of the private sector continues to think that a sovereign nation can continue to operate, pay the bills, and support all the public services required even with everyone paying the minimum taxes possible.

The consortium is composed of the companies LTD Sucursal Colombia, Schrader Camargo S.A.S., and Yellow River CO.

The funds will be used to "prioritize the construction of digital highways" and "expand the connectivity service to millions of users," said the companies.

With Colombia's third largest mobile carrier in financial turmoil, the radical change was agreed to at the September 13 shareholder meeting.

EPM revealed the $983 million USD settlement sum last month after a court ordered the Colombian public utility to disclose the figure paid by its insurer Mapfre.