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Moody's said its decision was based on having "insufficient or otherwise inadequate information to support the maintenance of the rating."

Bioenergy, operating from its El Alcaraván plant in the department of Meta, is currently storing its ethanol as it ramps up toward its target production goal.

The 40-year industry veteran will be based in Bogotá once he officially takes over the position on February 20.

The funding calls for CAF to develop the project jointly with German development bank KfW.

Output at this historic site peaked at 60,000 barrels per day in 1939 but that number fell to a mere 5,000 by 2003.

One sector Fitch sees having a tough year ahead is telecom, due to the pressure on credit profiles from low profits and free cash flow.

"This company will be disciplined and margin-focused, not simply production-driven," says Pacific Chairman Gabriel de Alba.

Pacific believes the affected common shares will be listed on the Toronto Stock Exchange on November 3

Mayor Enrique Penãlosa wants to raise some $1.35 billion USD for transportation projects, but he is facing strong opposition from labor and the Social Party of National Unity.

EPM's Jorge Londoño De La Cuesta says Fitch's investment-grade ratings for the utility "are a demonstration of confidence in the strength of the company."