Fitch rates Bogota notes BB+

Fitch Ratings said it upgraded Bogota's long-term foreign-currency issuer default rating to BB+ from BB and affirmed the long-term local-currency issuer default at BBB-.

Fitch said it expects to assign a BB+ rating to Bogota's $300 million Colombian peso-denominated notes due 2028.

The outlook is stable.

The ratings reflect the revision to Colombia's sovereign ratings on June 21, with Bogota's international ratings limited by Colombia's sovereign risk.

The ratings reflect Bogota's strong management, consistent budgetary surplus, affordable debt, valuable assets that generate a consistent stream of capital revenue and economic strength as the largest regional economy, Fitch said.

The ratings are constrained by Bogota's relatively high debt level, high albeit declining unemployment rates, and the growing social and infrastructure needs of an expanding population, the agency said.

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