Credit rating agency Fitch upgraded Tigo's national rating to AAA with a stable outlook. The change follows Millicom's full acquisition of the company after taking EPM's stake. The upgrade reflects improved operational performance and a strong market position.
Fitch Ratings raised Tigo's national rating to ‘AAA(col)’ from ‘AA+(col)’, and also upgraded the rating of its Public Internal Debt Bond Issuance and Placement Program up to $2 trillion to ‘AAA(col)’. It affirmed short-term ratings at ‘F1+(col)’ and international issuer default ratings at ‘BB+’ with Stable Outlook, linked to parent Millicom due to open access and full control after acquiring approximately 50% from EPM, achieving 100% ownership. The upgrade incorporates reduced leverage, solid liquidity with proven access to external debt markets, and favorable industry consolidation in Colombia. Tigo holds a strong position: second and third in fixed broadband and mobile with 20% and 18% subscriber shares respectively, each segment around 50% of consolidated revenues as of September 2025, bolstered by fixed residential strength, solid spectrum, and postpaid data user growth. Fitch anticipates rating stability after full merger with Coltel, as Millicom buys the remaining 32% from the Nation. The combined entity could reach 40% market share, second to Claro, with EBITDA margin near 26% and net debt around 2.5x in 2026, improving via synergies; Tigo's standalone PCI net debt projected to 0.9x from 1.6x at end-2024.
