Termoemcali Gets Rating Reprieve

Fitch has upgraded Colombia’s Termoemcali’s $153.7m restructured senior secured notes due 2019 to B minus (stable) from CCC to reflect improved flexibility to meet debt service obligations primarily from expected reliability payments and to a lesser extent from gas sales. “The rating action also considers the reduced dependence on the capacity (Tranche E) payments from Emcali (rated CCC, stable outlook by Fitch), which constrained the previous rating,” says the agency.