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S&P Global Ratings lowers Colombia's credit rating to BB- as persistent deficits and policy shifts challenge economic stability in 2026.

The Colombian central bank adjusts its stance as global energy instability and persistent internal pressures drive inflation concerns.

Sectorially, financials (94.1%) are the top pick followed by Energy (82.4%), while oil has dropped away to 35.3%.

Latin America could continue to benefit from re-shoring as the U.S. seeks to reduce its businesses reliance on Chinese suppliers. China’s own economic recovery will be a significant determinant of commodity prices.

In mid-November, the Banco de la República forecasted inflation to end both 2018 and 2019 at 3.3%.

This marks the second straight month with no intervention, putting a definitive end to the prior 11 months of rate hikes.