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"Tigo Une's solid performance has continued following its integration with Colombia Movil in 2014," says Fitch Ratings.

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

Fitch highlighted Isagen's improving leverage position and "adequate" liquidity levels "supported by a healthy cash balance" and "manageable debt structure profile."

"Banagrario's business model is consistent with its key role for the development of the government's agricultural policy,” stated Fitch Ratings.