S&P affirmed Colombia’s BB+ rating but shifted the outlook to negative from stable, driven by potential continued weak investor confidence that may impact GDP growth expectations and could lead to fiscal issues or increased external vulnerabilities. S&P warned that a rating downgrade is possible within the next two years if economic growth underperforms expectations or the current account deficit widens more than anticipated. The GDP is projected to grow by 1.3% in 2024 and 2.8% in 2025, while the current account deficit is expected to be 3.3% of GDP in 2024 and 4.1% in 2025.