Fitch affirms Colombia

Fitch Ratings said it affirmed Colombia's foreign-currency issuer default rating at BBB-, local-currency issuer default rating at BBB, foreign-currency issuer default rating at F3 and country ceiling at BBB.

The outlook is stable.

Colombia's ratings are underpinned by its track record of prudent economic policies, solid debt repayment record and strong macroeconomic performance in relation to peers, the agency said.

These credit strengths are balanced by the government's narrow revenue base and structural constraints such as low income per capita levels and high commodity dependence, the agency noted.

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