...Stable Ratings Trends: The Rating Outlook for Colombian corporates is Stable. Out of the 70 companies analyzed in this report, the majority have ratings with Stable Outlooks; 8.6% present Negative Outlooks, while 5.7% have positive outlooks. This is in stark contrast to countries such as Brazil and Chile, where the rating bias is overwhelmingly negative. Healthy Liquidity Positions: The liquidity positions of Colombian corporates portfolio are strong. Most corporates enjoy access to several sources of financing and have termed-out debt. Strong cash flow from operations has also bolstered cash in relation to short-term debt. Moderate Leverage Levels: Leverage has increased moderately over the past few years but remains manageable for most corporates. The median adjusted gross and net leverage ratios were 2.2x and 1.51x, respectively, as of Sept. 30, 2014, which compares with 1.8x and 1.25x, respectively, during 2010. Fitch Ratings expects Colombian corporates' median adjusted gross and net...
