Economics
Colombia Rating Outlook Revised to Negative as S&P Cites Oil
- South American country's BBB foreign-currency rating affirmed
- S&P says tumble in oil is dimming prospects for growth
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The outlook on Colombia’s credit rating was cut to negative by Standard & Poor’s, which cited deteriorating growth prospects amid the tumble in oil prices and said the country is in need of fiscal reform.
The foreign-currency rating was affirmed at BBB, two levels above junk, S&P said in a statement Tuesday. Colombia has had an investment-grade rating from S&P since March 2011. Moody’s Investors Service and Fitch Ratings have equivalent ratings on the country with a stable outlook.