Moody’s changes the outlooks to negative from stable on the ratings of Bogota and Medellin; ratings affirmed

Moody’s Investors Service changed the outlooks to negative from stable and affirmed the Baa2 long-term issuer (Global Scale, local currency) and senior unsecured debt ratings (Global Scale, foreign currency) of Bogota, Distrito Capital (Colombia) and the Baa2 long-term issuer ratings (Global scale, local and foreign currency) of the City of Medellin. The baseline credit assessments (BCA) for both cities were also affirmed at baa2. The change in the outlooks to negative from stable for Bogota and Medellin reflects the change in the outlook on Colombia’s sovereign rating (Baa2 negative), taking into account the strong economic and operational links that these cities have with the central government and the close oversight that Colombia’s central government exerts over the country’s regional and local governments.

Source: Moody´s