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The determination is tied to the drop in the big three rating agency's outlook of Colombia's credit rating from stable to negative.

Besides Colombia. Ecopetrol has assets in the US, Brazil, México, Chile, Peru, Bolivia and Chile.

S&P Global Ratings last week raised its issuer credit rating to ‘B-‘ from ‘SD’ and its issue-level rating on the 9% senior secured notes due 2023 to ‘B-‘ from ‘CCC-‘ and the 8.375% senior unsecured notes due 2020 to...

According to Standard & Poor’s, Avianca Holding’s plans to refinance its $550 million (USD) senior unsecured notes has taken longer than expected, given several reasons. These include delays to clear certain contractual proceedings with Avianca’s shareholders...

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.

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.

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

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

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

"Investment reductions are expected to affect its ability to replenish reserves in the long run above production levels," said Lucas Aristizabal of Fitch.