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Colombia Debt Rating May Be Raised by Fitch on Reserves, Growth

Colombia’s foreign debt rating may be raised by Fitch Ratings as international reserves rise and debt levels drop.

Fitch rates Colombia BBB-, the lowest investment-grade level. The outlook on Colombia’s credit rating was moved to positive from stable, the agency said in a statement today.

“As a result of continued international reserve accumulation, Fitch expects Colombia to become a net sovereign external creditor in 2013,” Fitch said in a statement today. “In addition, government debt burden continues to decline driven by fiscal consolidation and economic growth.”

Colombia won an investment-grade credit rating in 2011 for the first time since 1999 as improved security bolstered economic growth and attracted record foreign investment. Standard & Poor’s in August also raised its outlook on Colombia’s BBB- rating to positive.

To contact the reporter on this story: Andrea Jaramillo in Bogota at ajaramillo1@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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