Colombia’s credit rating was increased one step to the second-lowest investment grade by Fitch Ratings, which cited the country’s manageable debt load, policy stability and growth outlook.
The foreign-currency debt rating was raised to BBB with a stable outlook, Fitch said today in a statement. The move puts Fitch’s rating in line with Standard & Poor’s assessment and is one level higher than the grade from Moody’s Investors Service.
“Colombia has managed to contain pressures on its fiscal accounts,” Erich Arispe, an analyst at Fitch in New York, said in the statement.
“The current administration’s reforms to strengthen public finances such as the fiscal sustainability law and the fiscal rule reduce the risk of fiscal policy slippage.”
Colombia’s dollar-denominated government bonds have lost 9.6 percent this year, outperforming the 12 percent drop in securities from similarly rated Brazil, according to data compiled by JPMorgan Chase & Co.
The peso erased losses after the upgrade and climbed 0.1 percent to 1,933.01 per dollar at 10:33 a.m. in New York. The currency is down 8.6 percent this year.
bloomberg.com
The foreign-currency debt rating was raised to BBB with a stable outlook, Fitch said today in a statement. The move puts Fitch’s rating in line with Standard & Poor’s assessment and is one level higher than the grade from Moody’s Investors Service.
“Colombia has managed to contain pressures on its fiscal accounts,” Erich Arispe, an analyst at Fitch in New York, said in the statement.
“The current administration’s reforms to strengthen public finances such as the fiscal sustainability law and the fiscal rule reduce the risk of fiscal policy slippage.”
Colombia’s dollar-denominated government bonds have lost 9.6 percent this year, outperforming the 12 percent drop in securities from similarly rated Brazil, according to data compiled by JPMorgan Chase & Co.
The peso erased losses after the upgrade and climbed 0.1 percent to 1,933.01 per dollar at 10:33 a.m. in New York. The currency is down 8.6 percent this year.
bloomberg.com
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