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While the peace process and divisive politics in Bogotá will be thornier issues, Duque's management of the fiscal deficit will prove tricky even amid rising GDP growth rates.

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

Political uncertainty due to the upcoming election and challenges adhering to the so-called fiscal rule were cited as reasons for the diminished outlook.

Improving credit conditions and economic growth have led to a stable outlook in 2018 for Latin American and the Caribbean.

Fitch Ratings recently rated P.A. Concesion Ruta Al Mar’s 522 billion Colombian peso senior secured notes due in 2044 at BBB- with a stable outlook.

The notes are being issued to refinance the Medellín utility's $1.0 billion USD syndicated club deal loan due in 2020.

Best known in Colombia for its Jumbo brand of hypermarkets, the company's large regional presence highlights its financial stability.

The early payment is the result of what Ecopetrol called a “solid cash position" that left it with more than $6 billion USD on hand at the end of the first quarter.

Moody's cited Ecopetrol's "improving credit metrics and strong liquidity," but recognized the remaining risk associated with its low 6.7 years of reserve life.

The upgrade reflects optimism surrounding EPM's Ituango hydroelectric plant, which is reportedly about two-thirds complete.