On Jan. 18, 2024, S&P Global Ratings revised the outlook on its sovereign credit ratings on Colombia to negative from stable. This reflects the risk of a downgrade in the next two years if economic growth is below our expectations, indicating weaker economic resilience and contributing to fiscal slippage or higher external vulnerabilities, absent corrective measures. We're revising the outlook on domestic insurer Cardif Colombia to negative from stable. We're affirming our 'BBB-' issuer credit and financial strength ratings on the company. The negative outlook on our ratings on Cardif Colombia reflects that on the local currency sovereign rating on Colombia, which limits the rating on the insurer because we don't think it could withstand a sovereign default scenario in
