Fitch upgrades Colombia credit rating to BBB, outlook stable

NEW YORK Tue Dec 10, 2013 10:23am EST

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NEW YORK Dec 10 (Reuters) - Fitch Ratings on Tuesday upgraded Colombia's foreign currency sovereign credit rating to BBB from BBB-minus, citing improving debt dynamics and "credible and consistent" policies.

The outlook on the credit was revised to stable from positive following the overall upgrade.

"Colombia's medium-term growth prospects remain favorable compared with several of its rating peers and should be supportive of fiscal performance," Fitch said in a statement.

Fitch's move on Colombia brings it in line with Standard & Poor's BBB rating with a stable outlook while Moody's Investors Service rates the Andean nation one notch lower at Baa3 with a positive outlook. Colombia is rated investment grade by all three agencies.

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