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The recertification formally authorizes the level of standards and availability offered at the company’s data center in Bogotá.

While the rest of Latin America is going one way, Colombia is still lagging behind. Only Ecuador, with a 6.1% drop in the first quarter, performed worse.

Best known in Colombia for its Jumbo brand of hypermarkets, the company's large regional presence highlights its financial stability.

"The next administrations in both Chile and Colombia will face challenges to achieving fiscal consolidation," said Fitch.

Up to 15 fintech companies will enter a three-month training and capital-raising program. The two highest-performing startups will receive at least $75,000 USD in funding.

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.

"Corporates have been negatively affected by elevated interest rates in several countries and rising taxes," said Paula Bunn of Fitch Ratings.

The Tier III-certified data center was built by Bogotá-based ZFB Group and will be located within the capital’s ZF Towers Services and Technology Park.

Four beef producers have already been approved to start shipping their products to Chile, which imports some $800 million USD of meat per year.

The 2016 total was more than half a billion dollars above the $5.2 billion USD reported in 2015 and puts the industry second in terms of foreign revenue generation after the oil sector.