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Colombian telecom operators should see modest improvement in their financial profiles in 2024 and 2025.

Electric generation firms are in a good position after they "successfully weathered low hydrology conditions...with only moderate impacts on profitability and liquidity."

Cartagena's rating is explained by results that exceeded expectations in 2023, which consolidates a structural improvement in the district's tax collection.

"The improvements in the ratings and the stabilization of the outlook reflect the strengthening in Tigo UNE's liquidity."

In addition to citing the telecom's strained credit metrics and negative free cash flow generation, Fitch cited intense competition in the Colombian telecom market.

The ratings agency noted ISA's low business risk profile, manageable regulatory risk, and indebtedness that matches expectations, among other factors.

The upgrade reflects the anticipated strengthening of Cementos Argos' capital structure and enhanced financial flexibility.

Fitch's rating is based on the expectation of national government backing due to "important role of the entity as an instrument for the promotion of higher education in Colombia."

The Latin American real estate sector’s fundamentals are expected to continue improving in 2024, while the cement outlook remains neutral.

Fitch: "Medium-term uncertainties include Avianca's ability to maintain its strong operating margins while resuming its business growth post Chapter 11 process in U.S."