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Colombia's peso and main stock index fell sharply in early trading on Thursday after S&P downgraded the country to BB+ from BBB-. S&P cited a slower, more drawn-out fiscal adjustment.
The peso was down 1.55% at 3,742 per dollar, and the COLCAP index fell 2.18%. Anti-government protests have entered a fourth week.
A weaker peso raises the cost of imported feed ingredients and fuel for Colombian buyers. Analysts expect higher long-term local bond yields in the coming days.
financialpost.comReutersMay 20, 2021financialpost.comReutersMay 20, 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.
