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Ecopetrol is suffering from deteriorating corporate governance while the petroleum giant is led by Colombian President Gustavo Petro's political campaign manager.

As ratings agency Standard & Poor lowered Colombia's sovereign currency rating from investment grade into junk status, two government development banks and one commercial bank also took the hit. Findeter, FDN & Banco Davivienda al saw credit ratings drop out of investment grade,...

S&P Global Ratings has downgraded Avianca's credit rating from “B-” to “‘CCC” while placing the airline on CreditWatch negative.