Moody's grants EEB investment grade
Bogotá, Colombia, 01 November 2011
The international risk rating agency granted the Colombian company a provisional rating in foreign currency of Baa3, representing an investment grade.
In the rating report the financial soundness of the company stands out and the backing derived from existing ties with the City of Bogota, as these are moderate, allow the company to show a very stable financial performance.
Bogotá, November 2011. It is a fact without precedents in the history of Empresa de Energía de Bogotá, the risk rating Moody’s granted the provisional rating grade in foreign currency with regard to the notes to be issued by the company amounting to US$l610 million, expiring 2021.
The investment grade reflects the financial soundness of the company derived from its shareholding structures and the binding ties it maintains with the city of Bogota, its major shareholder.
Furthermore, the rating granted assesses the credit risk considering it of high quality and it highlights its visibility in cash flows coming form subsidiary operations, which, in despite of not having the shareholding control, it does provide effective dividend distribution policies that one foresees they will not be modify in the short term.
This rating ratifies EEB's financial standing, as an administrator and headquarters of Grupo Energía de Bogotá, one of the most important corporations in the energy sector in Colombia, and among the ones with the best futures in the region.
About Grupo Energía de Bogotá
Grupo Energía de Bogotá is a leading corporation in the Colombian energy sector. Through EEB it transports electricity to a market enjoying one of the largest demands in the country and greatest in size. In addition it has control of the largest natural gas carrier in the country, TGI S.A. In Perú, its company CONTUGAS has a 30 year concession for the transportation and distribution of natural gas in the Ica Department, while CALIDDA is in charge of distributing natural gas in Lima and Callao. In that same country, ISA, participates in REP S.A. and TRANSMANTARO S.A., which operate 63% of the electricity transmission system in the country. In 2010, it incorporated TRECSA - Transportadora de Centroamérica S.A.- that will build the most important energy infrastructure project in Guatemala and will render electricity transmission services as of 2013. In addition, it holds a portfolio of significant investments in large companies in the energy sector, amongst which the following stand out CODENSA S.A., EMGESA S.A., GAS NATURAL S.A., Empresa de Energía de Cundinamarca - EEC and Electrificadora del Meta, EMSA and in a lesser scale ISA and ISAGEN.