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Improving credit conditions and economic growth have led to a stable outlook in 2018 for Latin American and the Caribbean.

The notes are being issued to refinance the Medellín utility's $1.0 billion USD syndicated club deal loan due in 2020.

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

“Colombia's creditworthiness could be pressured” if low growth persists and high fiscal deficits undermine the government’s push to reduce debt.

"Bogota's ratings reflect its solid operating performance and its manageable debt levels,” said Fitch Ratings.

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.

The upgrade reflects optimism surrounding EPM's Ituango hydroelectric plant, which is reportedly about two-thirds complete.

"Banagrario's business model is consistent with its key role for the development of the government's agricultural policy,” stated Fitch Ratings.

Though the notes have a Baa1 rating with a stable outlook, Moody's has concerns over Sura's leverage, regional market volatility, and the immature capital markets of Latin America.

S&P made no changes but suggested it could downgrade Colombia's sovereign rating if the country's fiscal debt burden does not improve within the next 18 months.