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"The increase in the stand-alone credit profile is a recognition of the company's stable operating performance," stated Ecopetrol.

Bancoldex's "ratings and outlook should move in, line with any potential change in Colombia's ratings," said Fitch.

Though the bank's liabilities are not explicitly guaranteed by the government, Banagrario maintains a “key role” in developing national agricultural policy.

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.

"The continuation of fiscal adjustment, as per Colombia's fiscal rule, will be important for sustaining policy credibility," said Fitch Ratings.

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

Though the rating is unchanged from the New York agency’s previous assessment, the status quo represents positive news for a country where economic growth has slowed.

S&P highlighted Colombia’s “diminished policy flexibility” due to “weakened fiscal and external profiles” in its analysis following the move.

The ratings of the development bank, which Fitch terms as an “integral arm of the state,” remain aligned with the ratings of Colombia.

"The rating upgrade reflects Frontera's ability to stabilize its operational and financial performance," stated Fitch Ratings.