Colombia IG status teeters despite former fin min pleas

10 mil pesos, peso colombiano, colombia, currency, LatAm
By Oliver West
02 Apr 2020

Two major rating agencies now have Colombia on the lowest rung of the investment grade ladder with a negative outlook after Fitch took action on the sovereign. Cries from former finance ministers that it was an inappropriate time for downgrades fell on deaf ears.

Fitch, which had put Colombia on negative outlook in May 2019, downgraded the South American sovereign from BBB to BBB- on Wednesday evening, blaming a “weakening of key fiscal metrics” amid an economic downturn caused by the sharp fall in the oil price and efforts to combat Covid-19.

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