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The action followed the recent revision of Colombia's sovereign outlook to negative.

Air-E, serving 1.2 million users in Colombia's Caribbean coastal region, is now under government intervention due to financial instability and high losses.

“ISA's credit metrics reflect solid cash flow generation, moderate debt levels and adequate liquidity,” stated Fitch.

Others with outlook drops include Seguros Generales Suramericana, Confianza, ISA, EPM, and Enel Americas.