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

"Latin American economies remain vulnerable to a sharp deceleration in the Chinese economy and its knock-on effects in commodity prices," said Rui J. Pereira of Fitch Ratings.

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

“Colombia's creditworthiness could be pressured” if low growth persists and high fiscal deficits undermine the government’s push to reduce debt.

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 early payment is the result of what Ecopetrol called a “solid cash position" that left it with more than $6 billion USD on hand at the end of the first quarter.

"Bogota's ratings reflect its solid operating performance and its manageable debt levels,” said Fitch Ratings.