S&P boosts Bogotá

Standard & Poor's said it raised its long-term foreign currency issuer credit rating on the Capital District of Bogotá, the capital of the Republic of Colombia (BB+/stable/B foreign currency sovereign credit ratings), to BB+ from BB.

S&P said it also affirmed its BBB- long-term local currency issuer credit rating on the district.

The outlooks on the foreign and local currency ratings are stable, according to the agency, which added that this follows its March 5 upgrade of its long-term foreign currency sovereign credit rating on the Republic of Colombia to BB+ from BB, its long-term local currency rating to BBB+ from BBB and its short-term local currency rating to A-2 from A-3.

The outlooks on the long-term ratings are stable, S&P said, noting that the improvement in Colombia's ratings is based upon the country's significantly improved growth prospects, lower debt and reduced external vulnerabilities.

Factors supporting the ratings on Bogotá include a well-diversified, dynamic local economy, the district's status as Colombia's financial, commercial and administrative center and a sophisticated and competent management, with prudent and consistent policy priorities, the agency said.

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