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"This equity injection, along with an agreement to rollover bank debt with Bancolombia, have allowed the company to greatly reduce its refinancing risk," stated Fitch.

The depressed climate has lowered expectations that the energy generation system will realize the new capacity required to meet demand in the "medium term," per the agency.

"Fitch expects CNE's volumes sold, as percentage of total gas production, under long-term take-or-pay contracts to reduce from 99% in 2023 to 50% in 2026."

Colombia’s mobile market is the most saturated in the Andean region, with over 82 million mobile lines for its 50 million citizens.

GeoPark's fossil fuel reserves have fallen below seven years, something Fitch says the firm would be unable to “dramatically reverse” within the next 12 months.

Colombia has maintained its BB+ credit rating despite high inflation numbers and the loss of Petro’s supermajority.

Fitch says commodity prices will be the main transmission channel of China’s rebound for Latin American economies.

Colombia's local bond market has dried up as a financing alternative for corporates.

Higher interest rates will weaken interest coverage among Fitch-rated leverage finance issuers in 2023.

Inflation and high capital costs are causing deteriorating liquidity for Colombian corporates, according to Fitch.