Fitch downgrades EPM on governance concerns

Fitch downgrades EPM on governance concerns

Bonds Debt Capital Markets Corporate & Sovereign Strategy Fixed Income Colombia

Fitch Ratings said Thursday that it downgraded the city-owned utility company Empresas Publicas de Medellín (EPM) on concerns of increased intervention by the Medellín city government in company management. Fitch cut EPM to BBB- from BBB and maintained a negative outlook after Medellín Mayor Daniel Quintero said the company would expand beyond public utilities to tourism, technology and bridges and tunnels, among other areas. Quintero's remarks prompted the resignation of eight of nine EPM board

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