Moody's rates Bogota notes Ba1

Moody's Investors Service said it assigned a Ba1 rating to the notes to be offered by Bogota.

The outlook is positive.

The notes will pay interest on an annual basis beginning in 2008, and principal will be paid in three equal installments in the three years leading to final maturity, which is in 2028. The agency noted that Bogota will receive the equivalent in Colombian pesos of $300 million for the notes, that principal and interest payments on the notes are payable in dollars and that the notes do not carry a guarantee from the national government of Colombia.

The rating is supported by the Bogota's diversified and growing economic base, satisfactory financial performance and debt service costs that have been declining, Moody's said. The rating is constrained by Colombia's foreign-currency country ceiling.

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