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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."

Sustainable Fitch: "We attribute the divergence to the region's pressing social needs due to high poverty and inequality rates."

Fitch: "Slowing inflation in Brazil, Colombia and Mexico will lead to mortgage rates falling slightly over the next two years as monetary policy eases, although overall home price growth will constrain affordability."

FNG enjoys public backing and remains a "strategically important entity for the Colombian government," per Fitch Ratings.

"Recurring dividend flow will normalize from 2024 and continue to strengthen in the following years with the incorporation of higher dividends from Grupo de Inversiones Suramericana."