Fitch upgrades ColTel

Fitch upgrades ColTel

Colombia Equity Corporate & Sovereign Strategy

Fitch said it has upgraded ColTel to BB from BB- after the company’s shareholders agreed to a €1.37bn ($1.63bn) capital increase earlier last week. The rating agency also upgraded the Colombian telecom’s senior unsecured notes to BB from BB-, while its subordinated perps went up to B+ from B, Fitch said in a report on Friday. Of the capital increase, Fitch said it would materially improve the company’s weak capital structure, with its adjusted net leverage estimated to improve to around 3

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial