S&P upgrades ColTel

S&P upgrades ColTel

Colombia Corporate & Sovereign Strategy

S&P Global Ratings said it has upgraded ColTel to BB+ from BB, after the shareholders agreed to spend COP6.45tn ($2.22bn) on a capital increase. ColTel will use the money to pay off COP4.8tn in debt owed to Parapat, which holds assets and manages pension funds previously owned by the Colombian telecommunications company. Fitch upgraded ColTel earlier this month to BB from BB-, citing the company's capital increase as a reason. The rating agency also said the capital increase improves ColT

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