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The board’s resignation left the utility’s CEO, Álvaro Guillermo Rendón trying to explain to the media and public why the entire board of directors resigning or the mayor’s actions are nothing to worry about.

This year’s annual dry season that affects Colombia in December and January has seen the number of municipalities facing shortages grow to 32, according to the country’s minister of housing, cities and territories, Jonathan Malagón.

Funds for sanitation, water, health, and education "will bring dignified living conditions to the population," said Buenaventura Mayor Eliécer Arboleda Torres.

The upgrade reflects optimism surrounding EPM's Ituango hydroelectric plant, which is reportedly about two-thirds complete.

EPM's Jorge Londoño De La Cuesta says Fitch's investment-grade ratings for the utility "are a demonstration of confidence in the strength of the company."