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LatinNews Daily - 15 November 2018

In brief: Colombia

* International credit ratings agency Fitch Ratings has issued a statement affirming Colombia's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB' with a 'stable' outlook. According to the statement, Colombia's ratings “reflect its long track record of prudent and consistent macroeconomic policies that have underpinned macroeconomic and financial stability”. At the same time the statement notes that Colombia’s ratings are “constrained by high commodity dependence, limited fiscal flexibility and structural weaknesses in terms of low GDP per capita and weaker governance indicators relative to peers”. According to Fitch, growth prospects are “consolidating towards Colombia's medium-term growth potential of 3.5% after three years of underperformance (with average growth of 2.1% in 2016-2018)”, with 3.3% growth forecast for 2019 and 3.5% in 2020.

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