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Of the 14 departments included in the survey, 10 recorded positive production growth.

Sales to the United States grew by 6.9%, while exports to Mexico surged by 20.7% and Venezuela by 46.3%.

Inflation fell more than expected in August to 6.1% (5.5% core), and the Central Bank hasn't met since the end of July.

The reduction is largely due to declines in key imports such as corn (-45.4%), soybean meal (-34.7%), and wheat (-37.3%).

These price fluctuations are largely attributed to an increase in supply due to weather and regional harvests.

Though Cartagena's risk profile has weakened, the city still appears able to service outstanding debt according to covenants.

Economic deceleration, a period of high inflation, and increased income inequality and poverty rates following the pandemic underpin risks to social and political stability.

Fitch says gpvernment-controlled enterprises may raise fiscal pressures and financing needs of governments that already face sizeable fiscal challenges.

Coffee exports were a principal driver of the increase.

Downgrades exceeded upgrades 2-to-1 compared to 4.3x during 1Q24 and 7.1x during 4Q23.