Fitch rates Colombia eurobond BB+

Fitch Ratings said it assigned a long-term foreign-currency rating of BB+ to the Republic of Colombia's $1 billion 6.125% eurobond maturing in 2041. The rating is in line with Colombia's foreign-currency issuer default rating.

Colombia's creditworthiness is underpinned by its record of macroeconomic stability, deft liability management, an unblemished debt service record, comparatively conservative fiscal policies and greater institutional strength in comparison to peers, Fitch said.

Nevertheless, Colombia's fiscal accounts continue to suffer from considerable expenditure rigidity and high revenue volatility, the agency said.

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