Fitch lifts three Colombian companies

Fitch Ratings said it upgraded the foreign-currency issuer default ratings of Ecopetrol SA and Isagen SA ESP and the 9.79% senior secured notes due 2010 of TransGas de Occidente to BB+ from BB following the upgrade of the Republic of Colombia's long-term foreign-currency issuer default rating to BB+ from BB.

The outlook is stable.

Colombia's upgrade reflected the country's much-improved debt dynamics underpinned by higher economic growth, disciplined fiscal policies and deft liability management, according to the agency. In addition, strong GDP and current external receipts growth has also led to a decline in the country's external debt burden, while higher foreign direct investment flows have allowed a better financing of the country's current account deficits.

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