Standard & Poor’s highlights the financial soundness of EEB and the satisfactory performance of its businesses.
Bogotá, Colombia, 21 June 2011
Bogotá, 21 June 2011. By means of a press release, Standard & Poor’s announced the confirmation of the credit rating to Empresa de Energía de Bogotá S.A. ESP (EEB) in BB+ with stable perspective, only one level below the investment grade. The rating agency stresses explicitly the greater financial soundness of the Company by comparing its main indicators to expected indicators, as a result of increased EBITDA and reduced indebtedness.
Furthermore, the rating agency stated that it expect an outstanding and timely support towards EEB by the Capital District, major shareholder, 81,5% of total shares, given the importance the company represents as an integrated energy service provider to the city of Bogota. Likewise, Standard & Poor’s acknowledges the relevance of income from businesses in which EEB directly participates through its affiliate, Transportadora de Gas Internacional S.A. ESP, as well as the importance of dividends the company receives from its participated companies, Emgesa and Codensa.
On the other hand, the agency states that it is not expecting any increase in indebtedness indicators, derived from the execution of expansion projects in the electricity transmission sector in Guatemala and transport and distribution of natural gas in Peru. On the contrary, it believes that the consolidation of these new units may result in an increase in EEB's rating in the medium term.
During 2010, Grupo Energía de Bogotá, to which Empresa de Energía de Bogotá S.A. ESP is its headquarters and operating agency, showed an EBITDA greater than COP$1.6 trillion and net profits in excess of COP1trillion. Thus, exhibiting its strength, growth and the results that have characterized the Group in these past years.