Fitch Ratings has confirmed Cartagena’s AA(col) credit rating and upgraded Barranquilla to AAA(col), sending a powerful signal of stability to foreign investors and expats. Cartagena and Barranquilla now stand out as two of the financially strongest cities on Colombia’s Caribbean coast.
Cartagena’s AA(col) rating in 2026
Fitch Ratings recently affirmed Cartagena’s long‑term national credit rating at AA(col), with a stable outlook for the third consecutive year. The city also keeps its short‑term rating at F1+(col), which reflects a very strong capacity to meet near‑term obligations. Fitch highlights Cartagena’s solid financial indicators and favorable debt sustainability metrics, even with higher borrowing planned for major projects.
These elements show that Cartagena can manage more debt while remaining within the thresholds of its current rating. Cartagena’s rating is particularly notable because it comes in a context where Colombia’s sovereign rating remains at BB+ with a stable outlook. The agency notes that the city’s financial strength and institutional capacity help offset the country’s broader fiscal challenges.
For foreign observers, this means that Cartagena looks safer than some national headlines might suggest.
How solid city finances benefit foreigners
A stable AA(col) rating usually translates into better borrowing terms for the city and more predictable long‑term planning. Cartagena can access credit on more favorable conditions, which supports infrastructure, transport, and social investment. For foreign investors, this reduces the risk that key public projects stall due to sudden funding problems.
Expats and long‑stay visitors benefit as well. Strong municipal finances help sustain services like roads, public transport, utilities, and public safety initiatives. Over time, this stability supports Cartagena’s appeal as a tourism hub, remote‑work base, and retirement destination.
Barranquilla’s AAA(col) upgrade: another Caribbean success story
While Cartagena consolidates its AA(col) position, Barranquilla has taken an even bigger step. Fitch Ratings upgraded Barranquilla’s national long‑term rating to AAA(col), the highest possible rating on Colombia’s national scale. The city also maintains F1+(col) for the short term, with a stable outlook after the upgrade.
Fitch credits Barranquilla’s stronger rating to robust own‑source revenues and a consistent track record of fiscal discipline. Local tax collection has grown steadily between 2021 and 2025, especially property tax and industry and commerce tax. The city has also refinanced a large share of its long‑term debt and still keeps debt at modest levels relative to local GDP.
Cartagena and Barranquilla: stronger together on the Caribbean coast
For foreigners, the most interesting story is not just one city, but both Caribbean capitals improving at the same time. Cartagena, with AA(col), and Barranquilla, with AAA(col), now form a corridor of relatively low‑risk urban governments in northern Colombia. Both cities combine growing economies, expanding infrastructure, and more sophisticated management of public debt.
This twin improvement reinforces investor confidence in the wider Caribbean region.
Barranquilla’s top rating shows the potential ceiling when fiscal reforms and tax collection go very well.
Cartagena’s stable AA(col) rating shows solid ground with room to upgrade if current improvements continue.
Credit: Pexels / Pierre Matile
Why this matters for real estate and business
Real estate investors often look at credit ratings to gauge a city’s long‑term stability. Cartagena’s AA(col) and Barranquilla’s AAA(col) suggest both cities can support ongoing infrastructure and neighborhood upgrades.
This supports confidence in medium‑ and long‑term property values, especially in districts tied to tourism, logistics, and services.
Strong ratings can also make it easier for cities to partner with private developers. This may include public‑private partnerships for ports, airports, urban renewal, and mass‑transit expansions. Foreign companies see these ratings as a signal that local governments are credible, organized, and able to honor contracts.
Takeaways for expats and long‑stay visitors
If you are considering living part‑time or full‑time in Colombia, Cartagena and Barranquilla now stand out financially. Cartagena offers historic charm, tourism infrastructure, and now a multi‑year track record of AA(col) stability.
Barranquilla combines a growing airport, new parks, and the country’s highest national‑scale rating, AAA(col).
For foreigners, the message is clear. Colombia’s Caribbean coast is not just culturally vibrant; its largest cities also demonstrate strong, independently verified fiscal health. That combination of lifestyle and financial stability makes Cartagena and Barranquilla especially attractive for future travel, investment, and relocation plans.
