Fitch Withdraws EMCALI’s Ratings

Fitch Ratings has withdrawn all ratings for Empresas Municipales de Cali E.I.C.E. ESP. (EMCALI) given the lack of information and consistent with Fitch’s policies. Fitch will no longer provide ratings or credit research on this issuer.

Fitch has withdrawn the following ratings for EMCALI.

–Local currency Issuer Default Rating (IDR) at ‘CCC’;

–Foreign currency IDR at ‘CCC’.

Additional information is available at www.fitchratings.com : http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.fitchratings.com&esheet=6413837&lan=en-US&anchor=www.fitchratings.com&index=1&md5=57a42422a761fefe070b7ce7fc7e08b2 .

These rating actions reflect the application of Fitch’s current criteria which are available at www.fitchratings.com : http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.fitchratings.com&esheet=6413837&lan=en-US&anchor=www.fitchratings.com&index=2&md5=cd3d1e9a3f0583b1f14b874b024508ca and specifically include the following report.

–Corporate Rating Methodology dated Aug. 16, 2010.

Related Research.

Corporate Rating Methodology

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=546646 : http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.fitchratings.com%2Fcreditdesk%2Freports%2Freport_frame.cfm%3Frpt_id%3D546646&esheet=6413837&lan=en-US&anchor=http%3A%2F%2Fwww.fitchratings.com%2Fcreditdesk%2Freports%2Freport_frame.cfm%3Frpt_id%3D546646&index=3&md5=2e880102e5c1c16082805cf44b43d9db

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