June 13, 2018 / 5:54 PM / 10 days ago

HIGHLIGHTS-Moody's on Colombia's economic outlook

BOGOTA, June 13 (Reuters) - Moody’s director of sovereign debt, Mauro Leos, spoke at an economic conference in Bogota on Wednesday, ahead of Sunday’s presidential election.

• “It is true that in the last five years debt increased 10 points with respect to GDP and for me, a credit analyst, that is important, and it’s important because that is the starting point for the next administration.”

• “What is important for us is the day after the elections, in the sense of what the agenda for the government will be, not campaign rhetoric.”

• “A central theme, in what corresponds to the next government is fiscal and we always try to evaluate the grade of spending flexibility.”

• “In the region Brazil, Costa Rica, Argentina and Colombia are the countries with inflexible spending.”

• “It is necessary to do something on the part of income but that’s not sufficient, it is also necessary to do something on spending.”

• “We have questions on growth, about the fiscal part, these questions are what take us to the negative outlook for the rating.”

• “We will be at the table to calculate what to do with the rating between March and August of next year.” (Reporting by Carlos Vargas, Writing by Julia Symmes Cobb, Editing by Rosalba O’Brien)

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