{"id":1195,"date":"2015-11-09T10:28:49","date_gmt":"2015-11-09T10:28:49","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=1195"},"modified":"2015-11-27T12:21:30","modified_gmt":"2015-11-27T12:21:30","slug":"colombie-risque-dune-retrogradation-de-la-notation-a-bbb","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2015\/11\/colombie-risque-dune-retrogradation-de-la-notation-a-bbb\/","title":{"rendered":"Colombie : Risque d\u2019une r\u00e9trogradation de la notation \u00e0 BBB-"},"content":{"rendered":"<p><em>Volet de la s\u00e9rie ABC consacr\u00e9e la dette de l\u2019Am\u00e9rique latine <\/em>(voir <strong><a href=\"https:\/\/bondvigilantes.com\/francais\/2021\/12\/28\/labc-de-la-dette-latino-americaine-carnet-de-voyage-en-argentine\/\">ici<\/a><\/strong> pour les articles sur l\u2019Argentine et <strong><a href=\"https:\/\/bondvigilantes.com\/francais\/2021\/12\/30\/le-bresil-pris-dans-un-etau-destructeur-entre-politique-et-economie\/\">ici<\/a> <\/strong>pour le Br\u00e9sil)<\/p>\n<p>Au cours de mon r\u00e9cent voyage en Am\u00e9rique latine, il \u00e9tait amusant (mais non surprenant) d\u2019entendre les autochtones s\u2019inqui\u00e9ter que la Colombie ne devienne le prochain Br\u00e9sil. \u00c0 leur tour, les Br\u00e9siliens craignent de devenir comme l\u2019Argentine (m\u00eame si je suis convaincu que les probl\u00e8mes des Argentins sont nettement plus faciles \u00e0 r\u00e9soudre \u00e0 court terme que ceux du Br\u00e9sil) et les Argentins pensent qu\u2019ils sont compl\u00e8tement diff\u00e9rents du Venezuela (toujours exact, mais encore quatre ans d\u2019immobilisme et le pays prendra le m\u00eame chemin). Cela me rappelle le paroxysme de la crise en zone euro lorsque les Portugais nous affirmaient que leur pays n\u2019\u00e9tait pas la Gr\u00e8ce, l\u2019Espagne n\u2019\u00e9tait pas le Portugal et ainsi de suite.<\/p>\n<p>La situation initiale de la Colombie est nettement plus saine que celle du Br\u00e9sil en termes de niveaux d\u2019endettement, de solde budg\u00e9taire et de contexte politique. Toutefois, elle pr\u00e9sente certaines similarit\u00e9s qui, si aucune mesure n\u2019est prise dans les prochaines ann\u00e9es, pourraient mettre le pays en difficult\u00e9. Les deux pays (ainsi que l\u2019Argentine) connaissent des probl\u00e8mes budg\u00e9taires et ne disposent que d\u2019une faible marge de man\u0153uvre pour augmenter les imp\u00f4ts. Toute am\u00e9lioration budg\u00e9taire devra\u00a0 avoir lieu par le biais d\u2019une r\u00e9duction des d\u00e9penses au sein des postes sensibles sur le plan politique, puisque les d\u00e9penses discr\u00e9tionnaires et les d\u00e9penses d\u2019infrastructures ont d\u00e9j\u00e0 \u00e9t\u00e9 r\u00e9duites au minimum. Environ 1 \u00e0 2% du PIB est n\u00e9cessaire pour remplacer l\u2019insuffisance des recettes p\u00e9troli\u00e8res et des r\u00e9formes fiscales \u00e0 grande \u00e9chelle devront \u00eatre approuv\u00e9es au milieu de l\u2019ann\u00e9e prochaine, avant le prochain cycle \u00e9lectoral. Le syst\u00e8me de s\u00e9curit\u00e9 sociale a \u00e9galement besoin d\u2019une r\u00e9forme. Les infrastructures (routes, transports publics, etc) dans la r\u00e9gion laissent \u00e0 d\u00e9sirer (la Colombie figure en queue de peloton dans ce domaine) et la plupart des pays comptent sur les partenariats public-priv\u00e9 pour tenter de combler les lacunes.<\/p>\n<p>Un regain de croissance \u00e0 moyen terme serait \u00e9galement profitable, mais \u00e0 court terme, cette croissance est confront\u00e9e \u00e0 divers chocs\u00a0: d\u00e9t\u00e9rioration des \u00e9changes et recul des cours p\u00e9troliers, tensions inflationnistes du c\u00f4t\u00e9 de l\u2019offre (notamment si <strong><a href=\"https:\/\/bondvigilantes.com\/blog\/2021\/12\/10\/el-nino-coming-effects-gdp-commodity-prices-inflation\/\">El Nino<\/a><\/strong> s\u2019av\u00e8re tr\u00e8s marqu\u00e9), faiblesse de la devise, qui fait office d\u2019amortisseur, et risque d\u2019augmentation des imp\u00f4ts. Sur le plan positif, le processus de paix entre le gouvernement colombien et les FARC pourrait g\u00e9n\u00e9rer une hausse de la croissance potentielle de 0,3 \u00e0 0,5% \u00e0 moyen et long terme.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/15.11.04-blog-CC_FR1.png\" data-rel=\"lightbox-gallery-ebtKK8R6\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1204 size-full\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/15.11.04-blog-CC_FR1.png\" alt=\"Colombie : Risque d\u2019une r\u00e9trogradation de la notation \u00e0 BBB-\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/15.11.04-blog-CC_FR1.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/15.11.04-blog-CC_FR1-300x225.png 300w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/15.11.04-blog-CC_FR2.png\" data-rel=\"lightbox-gallery-ebtKK8R6\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1205\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/15.11.04-blog-CC_FR2.png\" alt=\"Colombie : Risque d\u2019une r\u00e9trogradation de la notation \u00e0 BBB-\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/15.11.04-blog-CC_FR2.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/15.11.04-blog-CC_FR2-300x225.png 300w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>Mon retour de voyage m\u2019am\u00e8ne \u00e0 me montrer plus prudent que les autorit\u00e9s et le FMI sur leurs perspectives \u00e0 court terme (voir graphique ci-dessus). Selon moi, il faut s\u2019attendre \u00e0 des risques de repli de la croissance dus au recul de la consommation, du fait de la baisse du pouvoir d\u2019achat au cours des deux prochaines ann\u00e9es. Je suis \u00e9galement pr\u00e9occup\u00e9 par le caract\u00e8re structurel du d\u00e9ficit des paiements courants de la Colombie, qui, malgr\u00e9 une forte d\u00e9pr\u00e9ciation r\u00e9elle du peso, devrait se situer aux alentours de 4% du PIB. Contrairement au Br\u00e9sil, que je consid\u00e8re comme l\u2019une des rares lueurs d\u2019espoir, les exportations non traditionnelles de la Colombie affichent une part consid\u00e9rable de produits import\u00e9s et des co\u00fbts de transport \u00e9lev\u00e9s, de sorte que les effets b\u00e9n\u00e9fiques de la d\u00e9pr\u00e9ciation mon\u00e9taire seront nettement moins importants que pr\u00e9vu. En outre, les exportations \u00e0 ses principaux partenaires commerciaux (Equateur et Venezuela) sont toujours en chute libre. L\u2019essentiel de l\u2019ajustement devra donc provenir de la baisse des importations. Puisque seulement 50% environ du d\u00e9ficit de la balance des paiements courants est financ\u00e9 par les investissements directs \u00e9trangers, le reste va probablement n\u00e9cessiter un financement par des dettes souveraines ext\u00e9rieures. Les autorit\u00e9s esp\u00e8rent que les prochaines concessions d\u2019infrastructures 4G vont combler une grande part du d\u00e9ficit d\u2019investissement et la privatisation imminente de la soci\u00e9t\u00e9 ISAGEN (fourniture d\u2019\u00e9nergie) sera surveill\u00e9e \u00e9troitement, dans la mesure o\u00f9 les recettes vont contribuer \u00e0 rentabiliser les concessions d\u2019infrastructures. Par cons\u00e9quent, les perspectives budg\u00e9taires risquent \u00e9galement de se d\u00e9t\u00e9riorer, ce qui va se traduire par une envol\u00e9e des niveaux d\u2019endettement. De ce fait, je table sur un changement de la perspective du pays par les agences de notation \u00e0 \u00ab\u00a0n\u00e9gative\u00a0\u00bb, assorti d\u2019une r\u00e9trogradation \u00e0 BBB-, si la r\u00e9forme fiscale s\u2019av\u00e8re d\u00e9cevante et les concessions d\u2019infrastructures se r\u00e9v\u00e8lent inf\u00e9rieures aux pr\u00e9visions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Volet de la s\u00e9rie ABC consacr\u00e9e la dette de l\u2019Am\u00e9rique latine (voir ici pour les articles sur l\u2019Argentine et ici pour le Br\u00e9sil) Au cours de mon r\u00e9cent voyage en Am\u00e9rique latine, il \u00e9tait amusant (mais non surprenant) d\u2019entendre les autochtones s\u2019inqui\u00e9ter que la Colombie ne devienne le prochain Br\u00e9sil. \u00c0 leur tour, les Br\u00e9siliens craignent de devenir comme l\u2019Argentine (m\u00eame si je suis convaincu que les probl\u00e8mes des Argentins sont nettement plus faciles \u00e0 r\u00e9soudre \u00e0 court terme que ceux du Br\u00e9sil) et les&#8230;<\/p>\n","protected":false},"author":90,"featured_media":1204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8,47],"tags":[143,140],"class_list":["post-1195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-macroeconomie-et-politique","category-marches-emergents","tag-macroeconomie-et-politique","tag-marches-emergents"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.8 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Colombie : Risque d\u2019une r\u00e9trogradation de la notation \u00e0 BBB- Francais<\/title>\n<meta name=\"description\" content=\"Volet de la s\u00e9rie ABC consacr\u00e9e la dette de l\u2019Am\u00e9rique latine (voir ici pour les articles sur l\u2019Argentine et ici pour le Br\u00e9sil) Au cours de mon 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