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Article: Fitch Affs Empresa de Energia de Bogota's IDRs at 'BB'; Outlook to Negative.
- Article from:
- Business Wire
- Article date:
- December 1, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHICAGO -- Fitch Ratings has affirmed Empresa de Energia de Bogota S.A. ESP's (EEB) foreign and local currency Issuer Default Ratings (IDRs) at 'BB'. The rating action applies to USD610 million of outstanding senior unsecured notes due 2014. Fitch has also revised EEB's Rating Outlook to Negative from Stable.
The Negative Outlook reflects the weakening prospects for EEB to reduce debt leverage over the near to medium term as had been originally expected. The combination of EEB's aggressive growth strategy, driven by demand growth, and the unlikely initial public offering (IPO) of Transportadora de Gas del Interior S.A. ESP (TGI) over the medium term given current ...