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The spending crunch will test the next president of Colombia's "commitment to meet the current fiscal rule's targets."

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

S&P highlighted Colombia’s “diminished policy flexibility” due to “weakened fiscal and external profiles” in its analysis following the move.

The ratings of the development bank, which Fitch terms as an “integral arm of the state,” remain aligned with the ratings of Colombia.

"The rating upgrade reflects Frontera's ability to stabilize its operational and financial performance," stated Fitch Ratings.

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

"Tigo Une's solid performance has continued following its integration with Colombia Movil in 2014," says Fitch Ratings.

The $600 million USD of unsecured notes will be used to repay a senior bridge loan due next year on January 11.

"We will continue to reduce spending with the objective of hitting fiscal targets and reinforcing our country’s BBB rating,” said Mauricio Cárdenas.

The revision reflects Davivienda's “resilient and stable financial performance that has proven effective and consistent during periods of market turmoil."