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

Fitch Ratings said that BBVA sees its Colombian arm as a strategic subsidiary based upon its profitability and growth potential.

Fitch based its improved outlook on Banco de Bogotá's "solid and consistent financial performance" and "sound asset quality and reserves."

Fitch Ratings based its view on Bancolombia’s improved operating efficiency and “solid performance in 2016.”

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

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.

Fitch highlighted Isagen's improving leverage position and "adequate" liquidity levels "supported by a healthy cash balance" and "manageable debt structure profile."