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Forex - Colombia FX Flows - Fin Min Echeverry responding to Moody's upgrade comment
Written by article default Friday, 08 October 2010 02:53
Echevarria says he is conviced that the fiscal reform package will be approved by Congress. We take this as his response to Moody's recent comment about the strong possibility that of a credit upgrade. On Sept 9, Moody's assigned a positive outlook to Colombia's Ba1 rating. The main motivation was the improved prospects for further debt reduction in the coming years. Like we've said before, the govt. needs two congress sessions to pass the reform; therefore, the bill may not be approved until Jun-11. That is, of course, unless Moody's accepts the passage of the first session, which is scheduled for Dec-10. COP still trading flat, unaffected by the comment. Range: 1780/1790 KD