Moody's lowers Bogota, Medellin views to negative

Moody's Investors Service said it affirmed the Baa2 global-scale issuer and senior unsecured global-scale foreign-currency ratings of Bogota, the capital of Colombia.

The agency also said it affirmed the city of Medellin's Baa2 global-scale issuer ratings.

The outlook for both cities was changed to negative from stable.

The negative outlooks were prompted by a recent similar rating action on Colombia to negative from stable, Moody's explained.

The ratings reflect the cities' economic strength, which supports their high levels of own-source revenues, solid governance and management practices, the agency said.

As Colombia's two largest cities, each benefit from a diversified local economy and both have historically maintained moderate debt levels and manageable cash financing requirements, Moody's said.

The negative outlook considers the outlook on Colombia, the agency said.

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