Fitch Changes Rtg Outlook on Bogota's Rtgs to Neg.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 29, 2002 Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has revised the Rating Outlook on all ratings of Bogota, Distrito Capital, to Negative from Stable. Fitch fitch: see polecat. currently maintains a 'BB' on Bogota's long-term foreign currency obligations, including the US$100,000,000 9.5% notes due 2006. Additionally, Fitch rates Bogota's long-term local currency (Colombian peso Noun 1. Colombian peso - the basic unit of money in Colombia; equal to 100 centavos peso centavo - a fractional monetary unit of several countries: El Salvador and Sao Tome and Principe and Brazil and Argentina and Bolivia and Colombia and Cuba and the ) obligations 'BBB-'. Bogota is the capital district of the Republic of Colombia. The rating action follows the change of Rating Outlook on Colombia's sovereign ratings to Negative from Stable. Fitch limits the foreign currency ratings of regional and municipal governments in Colombia to the sovereign ceiling. The change in Colombia's Rating Outlook is prompted by a deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in external financing In the theory of capital structure, External financing is the phrase used to describe funds that firms obtain from outside of the firm. It is contrasted to internal financing which consists mainly of profits retained by the firm for investment. conditions and rising government debt levels. Notwithstanding the change in Rating Outlook, Fitch believes Bogota's fundamental credit strengths remain consistent with the current rating categories. Nevertheless, Fitch will continue to monitor the evolving situation and may take further rating actions accordingly. |
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