NEW YORK, April 24 Ratings agency Standard &
Poor's raised Colombia's investment grade sovereign credit
rating to BBB from BBB-minus on Wednesday, citing the country's
long-term growth prospects and lower vulnerability to external
The ratings agency also revised the country's outlook to
stable from positive.
"The government has taken advantage of recent years of
favorable commodity prices to undertake structural changes in
fiscal policy, establish a fund to save above-budgeted revenues
from the commodities sector, improve its debt profile, and
develop its domestic capital markets," S&P said in a statement.
"Such steps improve the sovereign's capacity to undertake
countercyclical fiscal and monetary policy, thus boosting the
resilience of the economy in the event of a sharp fall in export
prices or other external shocks."
Moody's Investors Service rates the country Baa3 with a
stable outlook. Fitch rates Colombia BBB-minus with a positive