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Fitch has upgraded mobile operator Colombia Móvil's rating to BBB-(col), with a stable outlook, the agency said in a statement.
Colombia Móvil operates in the local market under the Tigo brand.
According to Fitch, the rating action is based on the company's strong competitive position in the local market, the scale of the operation and strong cash flow generation, as well as its solid financial profile. Fitch also said the operator's cash flow generation enables it to finance its capex requirements.
Tigo had some 5.2mn mobile subscribers at end-2010, representing a market share of 11.7%, the ratings agency added. Almost 16% of Tigo's subscribers are postpaid.
Use this link to read the full report, in Spanish.