S&P affirms Bogotá

Standard & Poor's said it affirmed its BB long-term foreign currency issuer credit rating on the Capital District of Santa Fe de Bogotá, the capital of the Republic of Colombia and revised its outlook on the rating to positive from stable.

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

The outlook on the local currency rating remains stable.

Factors supporting the ratings include a well-diversified, dynamic local economy and the district's status as Colombia's financial, commercial and administrative center, the agency said.

S&P noted that the ratings are constrained by Bogotá's debt burden, which, while moderate, is still exposed to exchange-rate fluctuations and high unemployment and underemployment rates.

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