Fitch ups Bogota

Fitch Ratings said it upgraded Bogota's long-term foreign-currency issuer rating and 9.75% Colombian peso denominated notes due 2028 to BBB- from BB+ as well as its long-term local-currency debt rating to BBB from BBB-.

The outlook was revised to stable from positive.

The rating actions are the result of a similar revision taken by Fitch on Colombia's ratings, the agency said. Bogota has shown a strong fiscal performance and manageable debt metrics over the past years; however, the ratings of the district are capped by Colombia's sovereign risk.

Bogota's ratings are supported by the strong socio-economic profile of the district and weight in the national economy in terms of GDP contribution, the positive financial performance over the past years and proved resilience to adverse shocks as well as affordable debt levels, high liquidity position and favorable terms and conditions in its financial obligations, the agency added.

The ratings incorporate the political risk associated to the public sector and quality management of the administrations in turn, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.