...Empresas Publicas de Medellin, E.S.P.'s (EPM, Baa3 stable) credit profile takes into consideration our Joint Default Analysis (JDA), with the City of Medellin (Baa2 negative) as the support provider. This results in a one-notch uplift from the company's ba1 Baseline Credit Assessment (BCA). EPM's ba1 BCA reflects its large scale, presence in several countries and diversified operations. The company's electricity distribution business makes the most significant contribution to its EBITDA, with a 43% share as of September 2021 followed by electricity generation with 33%, water and solid waste management 17%, transmission 4% and gas 3%. On the other hand, more than 80% of EPM's EBITDA is concentrated in Colombia, and we expect this concentration to increase once the Ituango hydroelectric project starts operations in 2022. The large share of hydro power generation exposes EPM business to seasonal rainfall and prolonged droughts that impact energy spot price and operating margins. Nonetheless,...