Fitch Ratings has affirmed Colombia’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) at ‘BBB-‘ with a Negative Outlook. Colombia’s ‘BBB-‘ rating reflects the government’s long track record of conservative macroeconomic policies that have underpinned macroeconomic and financial stability. Its ratings are constrained by high commodity dependence, weaker external metrics compared with peers, rising government debt burden and structural weaknesses in terms of low GDP per capita and weaker governance indicators relative to peers. Fitch forecasts the economy to contract by 6.9% in 2020 (broadly in line with the current BBB median of -6.7%), and rebound by 4.9% in 2021. Growth of 3.8% is projected in 2022.