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2 Min Read BOGOTA, May 20 (Reuters) - Colombia’s peso currency and main stock index fell significantly in opening trading on Thursday after S&P Global Ratings downgraded the Andean country’s credit rating. The agency lowered its long-term foreign currency rating on Colombia to BB-plus from BBB-minus on Wednesday, saying it believes the country’s fiscal adjustment will be more protracted and gradual than previously expected. It added that its outlook on the country is stable. The peso fell 1.55% to 3,742 pesos per dollar, while the country’s main stock index COLCAP fell 2.18% to 1,238.11 points. “We anticipated a negative price reaction in the Colombian financial markets today, but we think it will be of short duration,” said Andres Pardo, chief of Latin America strategy for XP Investments, citing a long-time expectation the country would lose investment grade.

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