April 24, 2013 / 4:17 PM / 4 years ago

UPDATE 1-S&P raises Colombia rating to BBB; outlook stable

NEW YORK, April 24 (Reuters) - 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 shocks.

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 outlook.

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