S&P affirms Colombia

Standard & Poor's said it affirmed its BB+ long- and B short-term foreign currency sovereign credit ratings on the Republic of Colombia.

S&P said it also affirmed its BBB+ long- and A-2 short-term local currency sovereign credit ratings on the republic.

The outlook on the long-term ratings remains stable.

According to S&P, Colombia's sovereign credit ratings are based upon the country's robust growth prospects, which have helped boost tax receipts.

This, combined with better tax administration, has mitigated the significant spending pressures stemming from a military buildup and increased pension outlays and transfers to local governments, the agency said.

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