Moody's ups Colombia

Moody's Investors Service said it a corrected news release that it upgraded the foreign-currency bond rating of the government of Colombia's to Baa3 from Ba1.

The outlook is stable.

Moody's also raised Colombia's foreign-currency bond ceiling to Baa2 from Baa3 and the foreign-currency bank deposit to Baa3 from Ba2. The outlook is stable. The short-term foreign-currency bank deposit ceiling was raised to P-3 from NP. The Baa3 government bond local-currency rating and A1 local-currency bond and bank deposit ceilings remain unchanged.

The ratings reflect Colombia's proven ability to deal with internal and external shocks as well as the view that the country's institutional framework is well placed to deal with an expected commodities-driven revenue increase in coming years, the agency said.

Security concerns, historically a major issue for Colombia, have not disappeared but have been waning after several major government wins against domestic guerrilla groups, the agency added.

© 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.