Political Risk Latin America Blog @PolRiskLatam

S&P ups Colombia’s foreign-currency sovereign credit rtgs

Posted in News and Articles, Political Risk by politicalrisklatam on March 16, 2011

by Reuters, March 16th, 2011.

(The following statement was released by the rating agency)

— Colombia’s economy has displayed resilience against external shocks, and the country’s favorable medium-term growth prospects should contain the public-sector debt burden.

— As a result, we have raised the foreign-currency sovereign credit rating on Colombia to ‘BBB-/A-3’ from ‘BB+/B’.

— We also affirmed the ‘BBB+/A-2’ local-currency sovereign credit rating on the republic.

— The stable outlook reflects our expectation that Colombia’s debt burden will stabilize as its GDP and fiscal revenues grow.

Standard & Poor’s Ratings Services said today that it raised its long-term and short-term foreign-currency sovereign credit ratings on the Republic of Colombia to ‘BBB-‘ and ‘A-3’, respectively, from ‘BB+’ and ‘B’. Standard & Poor’s also said that it affirmed its ‘BBB+’ long-term and ‘A-2’ short-term local-currency ratings on the republic.

The outlook is stable.

In addition, Standard & Poor’s raised its transfer and convertibility assessment on Colombia to ‘BBB+’ from ‘BBB’. Standard & Poor’s also withdrew its ‘2’ recovery rating on Colombia’s foreign-currency debt because the sovereign credit rating is now investment grade. The ratings on Colombia’s long-term foreign-currency debt remain ‘BBB-‘. (continue reading… )

 

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