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Fitch Ratings has assigned a ‘BB+’ rating to TermoCandelaria Power Ltd.’s proposed notes reopening of up to $200 million USD under its 7.875% senior unsecured notes due 2029. TermoCandelaria initially issued $410 million in senior unsecured notes in January 2019...

Fitch Ratings has affirmed the ‘BBB-‘ and ‘AA+(col)’ ratings of the UVR-denominated senior secured notes of P.A. Concesion Ruta al Mar for up to $522 billion COP, due in 2044. The Ratings Outlook remains negative. Ratings Rationale The Negative Outlook...

Fitch Ratings has assigned a ‘C’/’RR4’ rating to Avianca Holdings S.A.’s (NYSE: AVH; BVC: PFAVH) $550 million USD senior secured notes due 2020. These notes are being received in exchange for $550 million of senior unsecured notes due 2020. The new...

Colombia’s Constitutional Court invalidated several articles of the President Ivan Duque’s “Ley de Financiamiento” fiscal reform law that was approved at the end of 2018 declaring them unenforceable. This means that the government has until January 1 2020 to return to...

Latin American securitization structures featuring pro-rata amortization and/or maturity risk may amplify uncertainty in cash flow allocation, resulting in greater dependence on credit protection and structural mechanics, says Fitch Ratings. Ratings for these structures are more...

One in four Fitch-rated corporates in Latin America is exposed to either a one-notch sovereign or country ceiling downgrade, while ratings for nearly one-third of issuers are vulnerable to a two-notch downgrade, according to Fitch Ratings. There are a meaningful number of...

Fitch Ratings has upgraded Colombia Telecomunicaciones S.A. E.S.P.’s (ColTel) Foreign Currency (FC) and Local Currency (LC) Issuer Default Ratings (IDR) to ‘BBB-‘ from ‘BB+’, the 2022 notes to ‘BBB-‘ from ‘BB+’, and the hybrid...

Data from the first half of 2019 indicating that Colombia is on track to meet its 2019 fiscal target without one-off asset sales is a positive development, but meeting the 2020 target could be challenging, says Fitch Ratings. The risks to fiscal consolidation and to the...

Heavy commodity dependence and direct trade exposures represent significant vulnerabilities for Latin American economies if China’s slowdown is sharper than expected, says Fitch Ratings. Large commodity exporters such as Chile, Brazil, Peru and Colombia are likely to be...

Colombia’s recently released Medium-Term Fiscal Framework (MTFF) utilizes optimistic economic growth assumptions and relies on one-off privatization/asset sales and uncertain administrative measures to boost revenues, says Fitch Ratings. As such, risks to achieving...