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S&P kept Colombia's BB+ foreign-currency rating but lowered the outlook from stable to negative, citing weak household demand and private investment. The agency said it could downgrade the rating within two years if growth falls short of expectations.
The Scotiabank note said the move was unexpected and could add volatility to domestic markets.
A negative outlook raises risk premia on Colombian assets, which can weaken the peso and raise dollar costs for Colombian importers of feed inputs. Any direct effect on agricultural commodity prices is limited.
scotiabank.comJan 19, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
