Finance Colombia

Fitch Expects LatAm Electric Sector To Remain Resilient Through Pandemic

Fitch estimates 2021 and 2022 revenues and EBITDA to be approximately 9% less than prior estimates, given lower overall demand due to the economic downturn. Post-pandemic capex is expected to follow similar trends in 2020, but increase by 9% in 2021 and 15% in 2022.

Posted On October 29, 2020

, By Loren Moss

Interview: EPM’s SINPRO Labor Union President Olga Lucia Arango Expresses Grave Concerns On Utility’s Leadership, Political Interference

Olga Lucia Arango, the president of EPM's largest labor union does not mince words when she expresses her union's concern over alleged mismanagement and political interference at the Medellín-based multinational utility operator. She has a message for the utility's bondholders,...

Posted On October 8, 2020

, By Loren Moss

From Tomato-Thrower To Banana Republican, Can Medellin’s Mayor Daniel Quintero Learn Good Governance (Please?): Op-Ed

Only 8 months into his term as mayor of Medellín, tomato-throwing Daniel Quintero has managed to unite Paisas from labor unions to corporate giants against him.Multiple boards of directors have resigned, and Fitch has downgraded the city-owned utility's credit, citing 'governance...

Posted On September 1, 2020

, By Loren Moss

EPM Announces Its New Board Of Directors – Light On Corporate Governance Experience

This new board the mayor was able to assemble is notable for not including anyone with deep corporate governance experience or a background running multibillion-dollar international enterprises like EPM. Several nominations with corporate experience by the mayor publicly rejected...

Posted On August 26, 2020

, By Loren Moss

In Deepening Crisis At EPM, Labor Union Demands CEO Explain Private Gym, Luxury Office Remodel Despite Austerity Orders

Adding to the turmoil at EPM (Empresas Públicas de Medellín) since Medellín’s mayor Daniel Quintero took office and appointed CEO Álvaro Guillermo Rendón (above photo), the utility’s primary labor union SINPRO has issued a public demand for information on Rendón’s alleged...

Posted On August 25, 2020

, By Loren Moss

EPM’s Board Drama Continues: 2 More Nominees Reject Mayor Quintero’s Appointment

Luis Fernando Rico, former general manager of another Colombian utility giant, Isagen along with the general manager of Colombian weekly newsmagazine Semana both rejected Quintero’s appointments, joining Claro Colombia CEO Juan Carlos Archila and Grupo Santo Domingo’s Alberto...

Posted On August 25, 2020

, By Loren Moss

Medellín’s Governance Crisis Spreads To Tigo Une: Federico Arango Toro Resigns Board Via Scathing Repudiation Of Mayor Daniel Quintero

“The recent acts under your responsibility as manager of EPM, and being mayor, as the president of its board of directors, reconfirms to me that the necessary identity of principles no longer exist to continue acting in the representation of EPM, for that I am presenting my...

Posted On August 19, 2020

, By Loren Moss

Fitch Downgrades EPM, Citing “Deterioration Of Corporate Governance” After Medellín Mayor’s Usurpations

After the entire board of directors resigned in protest of Medellín Mayor Daniel Quintero's usurpation of board prerogative and corporate governance, international ratings firm Fitch has downgraded EPM's credit rating, and placed it on a negative ratings watch.

Posted On August 17, 2020

, By Loren Moss

EPM Headquarters Building in Medellín's Plaza Mayor

EPM’s New Dollar-Denominated Debt Rated As BBB By Fitch

Fitch Ratings has assigned a long-term 'BBB' rating to Empresas Publicas de Medellin E.S.P.'s (EPM) proposed senior unsecured U.S. dollar debt issuance that matures in 2031. Fitch has also assigned a long-term 'BBB' rating to the company's proposed reopening of its 8.375% senior...

Posted On July 8, 2020

, By Loren Moss

movistar colombia fine million ultramagic

Colombia Telecomunicaciones’ (Movistar) Credit Ratings Remain Stable

Fitch says Movistar has a diversified service portfolio with a national footprint and improving 4G and fiber broadband networks. Mobile accounts for approximately 60% of revenues in 2019, in line with the regional median.

Posted On June 29, 2020

, By Loren Moss