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.