Fitch Ratings takes majority stake in Duff and Phelps de Colombia

By Angela McDaniels

Tacoma, Wash., July 17 - Fitch Ratings said it has acquired an additional equity stake in Duff and Phelps de Colombia, which will be renamed Fitch Ratings Colombia.

The additional stake provides Fitch with majority control of Duff and Phelps de Colombia and follows the approval of the Colombian SFC, the country's financial regulatory body.

Fitch said its expanded stake in Duff and Phelps de Colombia demonstrates confidence in the firm's growth prospects in the Colombian market.

Duff and Phelps de Colombia currently provides more than 300 ratings to the local Colombian market, primarily in the corporate, financial institution, structured finance and public finance sectors.

Fitch has provided technical support and training to the firm's analysts since Duff and Phelps de Colombia's inception in 1994, according to a Fitch news release.

In conjunction with the assumption of majority control by Fitch, Duff and Phelps de Colombia is in the process of reviewing its Colombia national scale ratings to ensure consistency within and across sectors and with Fitch's latest global methodologies.

The completion of this review and publishing of the comprehensive list of public ratings is expected by the end of July.

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