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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.

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

Despite political reluctance for tax hikes, property tax adjustments may aid in covering potential revenue gaps.

The affirmation reflects Fitch's expectations that Medellin will maintain an adequate operating performance and manageable debt levels in spite of the economic impact of the coronavirus pandemic.

Fitch Ratings has affirmed Credivalores Crediservicios S.A.S.‘s Long-Term Foreign Currency Issuer Default Rating (IDR) at ‘B+’ and Short-Term Foreign Currency IDR at ‘B’. The Rating Outlook was revised to Negative from Stable. Fitch also affirmed...

Fitch Ratings has announced today that it has affirmed Colombia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB’ and revised the Rating Outlook to Negative from Stable. Colombia’s Negative Outlook reflects risks to fiscal consolidation and...

"The rating upgrade reflects Frontera's ability to stabilize its operational and financial performance," stated Fitch Ratings.

The $600 million USD of unsecured notes will be used to repay a senior bridge loan due next year on January 11.

"Banagrario's business model is consistent with its key role for the development of the government's agricultural policy,” stated Fitch Ratings.