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

Fitch held the line on Colombia's ratings given the country's “long track record of credible, flexible, and consistent macroeconomic policies."

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

"Tigo Une's solid performance has continued following its integration with Colombia Movil in 2014," says Fitch Ratings.

The $600 million USD of unsecured notes will be used to repay a senior bridge loan due next year on January 11.

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

"We will continue to reduce spending with the objective of hitting fiscal targets and reinforcing our country’s BBB rating,” said Mauricio Cárdenas.

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

Fitch based its improved outlook on Banco de Bogotá's "solid and consistent financial performance" and "sound asset quality and reserves."

Fitch Ratings based its view on Bancolombia’s improved operating efficiency and “solid performance in 2016.”