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Latin American Corporate Defaults Expected To Rise, says Fitch

The number of defaults in 2020 is on pace to exceed that of 2019 with indications there will be more to follow, given 6 group-level defaults YTD compared with 6 in all of 2019, and the high number of ratings at ‘CCC’ or below categories.
Posted On June 29, 2020
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Colombia's meeting of the Superior Fiscal Policy Council of the Finance Ministry where suspension of the Fiscal Rule was approved. (photo: Minhacienda)
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Colombian Government Suspends Fiscal Rule, Opening Door To Deeper Deficit Spending

On June 15 Colombia’s Fiscal Rule Consultative Committee accepted a proposal by Minhacienda, Colombia’s Finance Ministry, to suspend the application of Colombia’s Fiscal Rule that strictly limited deficit spending, for the years 2020 and 2021. While the government seeks to...
Posted On June 20, 2020
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Image by Денис Марчук from Pixabay
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Latin American Governments’ Weak Public Finances Leave Them Ill-Equipped To Battle Coronavirus Recession: Fitch

According to Fitch Ratings, Latin America sovereigns' weak public finances make them particularly vulnerable to the coronavirus crisis by limiting both their counter-cyclical policy flexibility and their ability to support post-crisis economic recoveries. The pronounced negative...
Posted On June 8, 2020
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Colombia's Tatacoa Desert image by Makalu from Pixabay 
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Fitch: Real GDP Will Fall 4.5% in Colombia & 3.9% In Chile; Countries Will Struggle To Recover

Further reductions to our growth forecasts for Chile (A/Negative) and Colombia (BBB-/Negative) due to the coronavirus pandemic will mean faster increases in budget deficits and public debt this year, Fitch Ratings says. The ability to develop credible medium-term plans to reverse...
Posted On May 25, 2020
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Image by Gerd Altmann from Pixabay
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Colombia’s New Deficit Target Reveals Shock Caused By Coronavirus: Fitch Ratings

According to Fitch Ratings, the Coronavirus COVID-19 Pandemic is causing a contraction in Colombia's economy, and severe fiscal pressure on the government.
Posted On April 22, 2020
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ecopetrol colombia fitch ratings bogota juan carlos echeverry
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Fitch Downgrades Ecopetrol, Ocensa, Candelaria; Sura, Emgesa, UNE EPM, Isagen, GEB, TGI Stay Strong

The rating downgrades of Ecopetrol, OCENSA and A.I. Candelaria reflect the direct and indirect linkage of these companies to the Sovereign Rating downgrade of Colombia, which Fitch downgraded to 'BBB-' from 'BBB'. The ratings for Emgesa, Isagen and UNE EPM Telecomunicaciones have...
Posted On April 8, 2020
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Colombia’s Sovereign Credit Rating Downgraded To BBB- By Fitch

Fitch Ratings has downgraded Colombia's Long-Term Foreign Currency Issuer Default Rating (IDR) to 'BBB-' from 'BBB'. The Rating Outlook remains Negative.
Posted On April 6, 2020
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Sergio Guzmán: Coronavirus Pandemic Threatens Systemic Disruption To Colombian Society, Politics

Colombia is in the middle of a national curfew as part of the country’s effort to contain the spread of the Coronavirus COVID-19 Pandemic. With certain exceptions, no one is to leave their homes until April 13, the day after Easter. As is the case around the world, the economic...
Posted On March 31, 2020
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Homicide Crime Photo Courtesy Geralt Pixabay
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Financial Bloodbath: Colombian Bellwether Stocks Avianca & Ecopetrol, Colombian Peso All Plunge

Colombia's currency and bellwether stocks Avianca & Ecopetrol all took a plunge this week s double whammies of coronavirus panic and petroleum trade wars between Saudi Arabia & Russia impact the global economy. How will things play out?
Posted On March 11, 2020
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Colombia’s Central Bank Holds Urgent Meeting To Review Deteriorating Global Economy: Coronavirus, Saudi-Russian Oil Price War, Falling Currency

Colombia's Central Bank, Finance Ministry, and Financial Regulator met today to discuss the rapidly deteriorating global financial situation fueled by coronavirus, outbreak of petroleum price war, and a falling currency value.
Posted On March 9, 2020
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