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Colombian Stock Movers: Cementos Argos, Pacific Rubiales Energy

Nov. 28 (Bloomberg) -- The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 10:41 a.m. local time.

The IGBC Index rose 2.8 percent to 12,506.43, while the Colcap Index gained 2.4 percent to 1,517.99.

Cementos Argos (CEMARGOS CB), Colombia’s biggest cement maker, rose 2.8 percent to 9,970 pesos. Shareholders of parent company Inversiones Argos SA approved a spinoff by its Cementos Argos unit of assets that aren’t related to cement production, according to a regulatory filing Nov. 25.

Pacific Rubiales Energy Corp. (PREC CB), the Toronto-based oil producer that operates fields in Colombia, rose 5.4 percent, the most in two weeks, to 38,980 pesos. Recent upgrades in credit ratings are a sign of the company’s “growing financial solidity,” Ronald Pantin, the company’s chief executive officer, said in a regulatory filing today.

Moody’s Investors Service upgraded Rubiales’s Corporate Family Rating to Ba2 from Ba3 in a Nov. 21 statement, citing progress in growing production and prospects for strong cash flow from its heavy oil output.

Fitch Ratings upgraded Rubiales’s foreign and local currency issuer default ratings from BB to BB- on the company’s “proven track record of increasing production while maintaining adequate reserve replacement ratios,” according to a Nov. 3 statement.

To contact the reporter on this story: Blake Schmidt in Bogota at bschmidt16@bloomberg.net

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

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