Fitch alerta por un efecto dominó en el que rebaja de la calificación de riesgo empieza a golpear a empresas

TL;DR

Fitch Ratings predicts a challenging environment for Colombian companies in 2026, citing fiscal and political uncertainty as key drivers.
Persistent high interest rates, rigid inflation, increased tax burdens, and restricted access to international markets will pressure corporate margins and cash flows.
The downgrade of Colombia's sovereign rating in December 2025 has already led to corporate rating downgrades and increased financing costs.
Political uncertainty, amplified by the suspension of an emergency economic decree, is hindering short-term revenue-raising measures and increasing volatility.
Public utility companies, especially in the energy sector, are highly exposed to political interventions prioritizing short-term price controls over financial predictability.
The recent increase in the minimum wage could boost short-term consumption but also worsen inflation and reduce corporate margins, especially in labor-intensive sectors.
Construction companies face challenges due to affordability limits and presale prices restricting cost pass-through in a high-interest rate environment.
Higher sovereign risk premiums are restricting access to international markets, with moderated activity in the local bond market.
Companies are increasingly relying on short and medium-term bank financing, and while leverage is manageable, it is expected to increase slightly.

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