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Finance Colombia arranged a meeting with key analysts with Standard & Poor to understand how this might play out for LATAM and Avianca, the two full service carriers that operate domestic routes in Colombia.

Despite a major oil spill and below-target production, Ecopetrol reported its best quarterly results in four years amid higher oil prices.

Growth will be driven by higher commodities prices, improved household consumption, and a more balanced performance across various sectors.

The U.S. dollar currency index fell by almost 1% Wednesday afternoon to a 52-week low following market-moving comments by the U.S. treasury secretary.

With oil prices jumping on supply disruptions in Iran and Europe, the Colombian currency reached 2,902 pesos to the dollar.

“Colombia's creditworthiness could be pressured” if low growth persists and high fiscal deficits undermine the government’s push to reduce debt.

The IMF lowered its 2017 projections for Brazil by 0.3% and Mexico by 0.6%.

The OPEC and non-OPEC agreement has brought the Colombian peso back under 3,000 to the dollar for the first extended stretch since October.

If the story plays out as expected, Bancolombia believes that 2015 and 2016 will end up being bumps in the road in an ongoing growth trajectory.

The highest inflation level since 2001 is "testing Colombia's commitment to preserving the credibility of its inflation targeting regime," says Fitch.