NEW YORK--(BUSINESS WIRE)--Fitch Ratings has assigned a long-term foreign currency rating of 'BBB-' to the Republic of Colombia's USD2 billion Global bond (4.375% coupon) maturing in 2021. The proceeds of the bond issuance will be used to complete the government's 2011 international financing plan.
The rating is in line with Colombia's foreign currency Issuer Default Rating (IDR). On June 22, Fitch upgraded Colombia's foreign currency IDR to investment grade. Colombia's investment grade is supported by its track record of prudent economic policies, demonstrated resilience to external and domestic shocks and the improvement in its external credit metrics. Moreover, the administration of President Juan Manuel Santos has moved forward an extensive reform agenda to bolster the credibility and predictability of public finances and enhance the country's growth trajectory.
Additional information is available at www.fitchratings.com.
Applicable Criteria and Related Research:
--'Sovereign Rating
Methodology', dated Aug. 16, 2010.
Applicable Criteria and Related Research:
Sovereign Rating
Methodology
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547765
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