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The deal represents an update to Copa's existing order of Boeing 737 MAX 8 aircraft and will make Copa “the first airline in Latin America" to operate the 737 Max 10.

Moody's cited Ecopetrol's "improving credit metrics and strong liquidity," but recognized the remaining risk associated with its low 6.7 years of reserve life.

In 2016, Colombia accounted for more than one-third of Digitex's global revenue and nearly half of the Spanish BPO's earnings.