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Fitch Rates Colombia Telecomunicaciones S.A. E.S.P.' Proposed Hybrid Notes 'B+'

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CHICAGO--(BUSINESS WIRE)--Fitch Ratings has assigned a Long-term rating of 'B+' to Colombia Telecomunicaciones S.A. E.S.P.'s (Coltel) proposed perpetual subordinated (hybrid) notes issuance. Coltel expects to use the proceeds from the issuance to refinance existing financial debt. The hybrid notes will be deeply subordinated to senior and unsecured debt, and rank senior only to Colombia Telecomunicaciones' ordinary shares. The proposed notes will be rated 'B+', two notches below Colombia Teleco

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