--Long-term foreign Issuer Default Rating (IDR) at 'BBB';
--Long-term local currency IDR at 'BBB+';
--National rating at 'AAA (col)';
--Short-term national rating at 'F1+ (col)'.
Additionally, Fitch affirms for the following ratings:
The Rating Outlook is Stable.
KEY RATING DRIVERS
Such rating actions are the result of the financial strength that
The main risk or limitations for
According to Fitch's methodologies and criteria the international ratings of the District are capped by
The District of
The control over operating expenditures -with a real growth of 4.7% in 2013- and the positive dynamism in its tax revenues, explain the robust generation of operating margins of the District, giving more financial flexibility to pay financial obligations and fund investment projects. Fitch estimates that the financial position of
By 2013 and according the District's estimations, the interest to operational savings ratio ascended to 1.7%, level significantly low relative to the maximum 40% established by the Ley 358 (Law 358 of 1997). On the other hand, debt represented 17.26% of current revenues at the end of the year, level below the 80% maximum established as a limit in the mentioned law.
The actual administration, through its Plan de Desarrollo Bogota Humana, intends the realization of important infrastructure and mobility projects based on their financing strategy of greater tax revenues and transfers. Similarly, they expect additional resources through a financial credit of
The Stable Outlook reflects that Fitch's sensitivity analysis does not foresee any developments that would lead to a rating action.
An upgrade of the sovereign rating, accompanied by
Additional information is available at www.fitchratings.com.
--'Tax-Supported Rating Criteria' dated
--'International Local and Regional Governments Rating Criteria, Outside
Tax-Supported Rating Criteria
International Local and Regional Governments Rating Criteria - Outside
+5281 8399 9100
+5281 8399 152
Source: Fitch Ratings
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