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S&P Global Ratings cut Colombia's credit rating one notch to BB+, which is junk, with a stable outlook. The move followed a failed tax-raising bid and mass unrest.
Colombia's dollar bonds fell, and the peso led losses among emerging-market currencies.
Loss of investment-grade status raises sovereign funding costs and pressures the peso, which lifts the local-currency cost of imported feed inputs. The political unrest adds uncertainty to fiscal policy.
bloomberg.comAndrea Jaramillo, Oscar MedinaMay 19, 2021Not 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.
