December 13, 2017 |
S&P Global Ratings said it has downgraded Colombia to BBB- from BBB due to a combination of weaker-than-expected growth in 2017 and a partial reliance on one-off revenues this year.
Colombia's reliance on one-off revenues, to offset the underperformance from its 2016 tax reform, demonstrated how difficult it was to reduce government deficits that comply with Colombia's fiscal rule.
In a report published on Tuesday, S&P said Colombia’s economy continued to struggle because of low commodit
Oil-exporting sovereign issuer cut to BBB- from BBB because of weaker-than-expected growth and a reliance on "one-off" revenues