Tag

The concessions expect to receive their payments between May and June 2023, according to the big three rating agency.

Colombia's gross general government debt to GDP ratio is forecast to reach 60.8% in 2021, more than double the 30% level when Fitch upgraded Colombia back to the 'BBB' category in 2011.

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.

The spending crunch will test the next president of Colombia's "commitment to meet the current fiscal rule's targets."

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

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

"Banagrario's business model is consistent with its key role for the development of the government's agricultural policy,” stated Fitch Ratings.

The outlook upgrade reflects a sound financial position and Ecopetrol's ability to respond to a high volatility oil price environment.

Fitch noted Colombia improving macroeconomic imbalances, current account deficit reduction, and falling inflation rate.

Finance Minister Mauricio Cardenas says the overhaul "is a difficult measure that will require a large sacrifice of all Colombians — but it is necessary."