¿Cómo recuperar la confianza tras la rebaja de calificación de Fitch? Ajustes tributarios y reforma en el radar

diciembre 20, 2025

TL;DR

Fitch Ratings downgraded Colombia's long-term foreign currency rating from BB+ to BB with a stable outlook.
The downgrade is attributed to sustained fiscal deterioration, including an increased deficit and public debt.
The suspension of the fiscal rule for three years has reduced investor confidence in fiscal sustainability.
Increased public spending, particularly on state payroll, is a concern.
There are no clear signs of improvement in tax collection, limiting fiscal consolidation efforts.
The upcoming presidential elections in 2026 make deep tax reforms unlikely in the short term.
Experts suggest focusing on administrative tax adjustments, such as reviewing tax benefits, to improve revenue without major reforms.
A comprehensive tax reform is suggested for 2027 after the electoral cycle.
Regaining market confidence and securing favorable financing are immediate challenges.
Improving revenue collection, controlling spending, and reviewing the current tax system are crucial steps.

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