Fitch cuts three Colombian governments

Fitch Ratings said it downgraded the issuer default ratings for Bogota, Medellin and Distrito Especial Industrial y Portuario de Barranquilla. The agency lowered the long-term foreign-currency and local-currency IDRs for Bogota and Medellin to BB+ from BBB, and changed the outlook to stable from negative. Fitch also lowered Barranquilla's foreign- and local-currency IDRs to BB from BB+ with a stable outlook.

Concurrently, Fitch trimmed Bogota's senior unsecured Colombian-peso denominated notes for $300 million and fixed-rate of 9¾% due 2028 to BB+ from BBB-. Fitch did not review the local governments' national ratings.

“The downgrade is due to Fitch's recent rating action on the Colombian sovereign rating on July 1, 2021,” the agency said in a press release.

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