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The route to Santa Cruz is Avianca’s second connecting Colombia in Bolivia. The carrier also operates a daily flight between Bogotá and La Paz.

After Brazil (51% negative) and Colombia (20%), Fitch Ratings has assigned negative outlooks to 19% of corporates in Chile, 12% in Peru, 9% in Mexico, and 6% in Argentina.

The flight will depart José María Córdova each day at 12:18 pm and arrive in Montería at 1:18 pm. The return leg will leave Los Garzones Airport at 2:00 pm and land at 3:00 pm.

Though adding a strategic partner could be a positive development, Fitch Ratings views Avianca's liquidity as low.

"The sale process has started" for a one-fifth holding in the Brazilian airline.