August 17, 2020 |
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
Rating agency cites increased intervention by the Medellín city government and cost overruns from Ituango dam