Economics

Colombia’s Dollar Bonds Drop After S&P Cuts Nation to Junk

Rating was cut one level to BB+ with a stable outlook
S&P cited failed attempt to raise taxes in downgrade decision

Demonstrators gather at Monument to the Heroes during protests in Bogota, Colombia, on May 15. — Demonstrators gather at Monument to the Heroes during protests in Bogota, Colombia, on May 15.
Photographer: Andres Cardona/Bloomberg

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By Andrea Jaramillo and Oscar Medina

May 19, 2021 at 11:03 PM UTC

Updated on

May 20, 2021 at 1:17 PM UTC

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Colombia’s dollar bonds dropped and the peso led losses among emerging-market currencies after S&P Global Ratings cut the country’s credit rating to junk amid a political crisis and mass unrest.