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Fitch Ratings has announced today that it has affirmed Colombia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB’ and revised the Rating Outlook to Negative from Stable. Colombia’s Negative Outlook reflects risks to fiscal consolidation and...

Fitch Ratings has affirmed Sura Asset Management S.A.’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘BBB+’ with a stable rating outlook. Key Ratings Drivers, IDRs and Senior Debt Medellín, Colombia based Sura Asset Management’s...

"The continuation of fiscal adjustment, as per Colombia's fiscal rule, will be important for sustaining policy credibility," said Fitch Ratings.

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.