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

"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 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.

Colombia’s mobile market is the most saturated in the Andean region, with over 82 million mobile lines for its 50 million citizens.

The sovereign downgrade reflects the deterioration of the public finances with large fiscal deficits in 2020-2022, a rising government debt level, and reduced confidence around the capacity of the government to credibly place debt on a downward path in the coming years.

The letter of resignation came just hours after a contentious press conference where Calderón wished to discuss his investment plan, but the press, including Finance Colombia, wished to delve into the numerous gaps and inconsistencies in his qualifications.

The board of directors then asked for a meeting with the mayor at the end of July, which they did not get. In their regular board meeting, August 12, the board of directors again asked Quintero’s secretary of economic development, Alejandro Arias for a meeting with the mayor to...

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...

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...