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The dividend is up slightly from the $0.125 USD-per-share dividend the Barranquilla company paid in the first quarter of 2017.

This was the first round of a planned $300 million USD series of corporate bond issuances.

Political uncertainty due to the upcoming election and challenges adhering to the so-called fiscal rule were cited as reasons for the diminished outlook.

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

Fitch Ratings recently rated P.A. Concesion Ruta Al Mar’s 522 billion Colombian peso senior secured notes due in 2044 at BBB- with a stable outlook.

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

Fitch says the rating reflects the firm's good market position in windows, low cost base, and long-term expected growth rate.

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

The move continues a year-long rate-cutting trend but surprised a market that expected the Banco de la República to leave the rate steady.

Fitch held the line on Colombia's ratings given the country's “long track record of credible, flexible, and consistent macroeconomic policies."