Fitch Sees Colombia Exposed to Venezuela

Fitch sees risk in Colombia’s considerable trade exposure to Venezuela and its vulnerability to external shocks due to limited trade integration and high commodity dependence. It also notes comparatively high fiscal and external solvency ratios. The sovereign’s creditworthiness is supported by a record of macroeconomic stability, disciplined fiscal policies and deft liability management, it adds. However, Fitch gives a BB+ rating to Colombia’s $1bn 2019 bond, lower than other agencies. Moody’s rates the bonds Ba1 and S&P gives them a BBB minus.