During his trip to the United States in April 2023, Colombian Minister of Economy, José Antonio Ocampo, held a series of meetings with rating agencies and international organizations in an effort to recover the country’s investment grade. Recently, the minister expressed his optimism on María Jimena Duzán’s podcast, highlighting very positive and promising results from this extensive series of encounters.
During his trip, Ocampo met with the World Bank, the International Bank for Reconstruction and Development, the International Finance Corporation, the U.S. Treasury Department, and a high-ranking executive from the International Monetary Fund, as well as with investor groups. Among other things, these meetings seek to strengthen confidence in Colombia’s economic, environmental, and investment policies.
In New York City, the minister held meetings with two of the leading risk rating agencies, Moody’s and Standard and Poor’s. Soon, he will also meet with Fitch in Bogotá, with the aim of discussing the possibility of improving Colombia’s credit rating.
It is worth remembering that, in July 2021, during the previous government, Fitch downgraded Colombia’s credit rating from BBB- to BB+ with a stable outlook, citing an increase in the fiscal deficit and public debt. Standard & Poor’s had already taken the same action in May of that year.
Minister Ocampo provided an optimistic assessment of the international perception of Colombia in terms of economic and environmental policies, as well as investment. He highlighted the flexible credit line that Colombia has with the World Bank and expressed his hope that, although the process will not be easy, the country’s investment grade will likely improve during the current administration.
