Colombia's credit rating highest in historyStaff writer ▼ | August 1, 2014
Moody's has rated Colombia's government bond rating higher than at any time in history, putting it on par with economic powerhouse Brazil, according to media reports.
Rating Excellent news for the Latam country
On Tuesday, Moody's Investors Service upgraded Colombia's rating in foreign currency one level from Baa3 to Baa2, and the short-term levels from P-3 from P-2, according to Bogota's W Radio The overall rating outlook for Colombia is now "stable," according to Moody's.
The rating of Baa2 puts Colombia on par with other successful economies in the region such as Brazil, international news agency Bloomberg News reported.
Combined with ratings from the two other major international rating agencies, Standard & Poor's and Fitch, Colombia now sits at the BBB/Baa2 category, signaling that the country is emerging confidently as a strong economy with plenty of potential growth and moderate credit risk, W Radio reported.
The agency cited the expected hike in economy growth from President Santos's upcoming $25 billion highway project as contributing to the higher rating, according to Bloomberg.
"This is excellent news for the country," said Colombia's Minister of Finance Mauricio Cardenas as quoted in W Radio. "This is the first time in history that Moody's has given us such a high rating, which reflects this great moment in the Colombian economy." ■