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This portfolio review includes Colombian banks with Issuer Default Ratings (IDR) rated at the same level or above that of the sovereign.

The action followed the recent revision of Colombia's sovereign outlook to negative.

The government plans to gradually reduce the central government fiscal deficit by 3.4pp of GDP.

Fitch attributes the move in part to fiscal decisions made by the national government that affect municipalities.

Air-E, serving 1.2 million users in Colombia's Caribbean coastal region, is now under government intervention due to financial instability and high losses.

ISA operates in Colombia, Brazil, Chile, and Peru. Taesa and Alupar focus on Brazil, impacted by the country's 'BB+' ceiling.

Retail gas prices surged in Colombia, with Vanti hiking Bogotá rates by 36% and EPM raising Medellín's by 21%.

Fidusura is a subsidiary of Grupo Sura, the South American insurance and asset management conglomerate.

Colombia paradoxically boasts many female executives despite high female unemployment, showcasing talented role models in leadership positions.

Retail spaces in Mexico and Brazil show strong metrics with rent growth, high collections, and stable occupancy.