Dec. 9 (Bloomberg) -- Colombia’s peso slid to the weakest level in a month as a cut in Spain’s credit outlook by Standard & Poor’s sapped demand for higher-yielding, emerging-market assets.

The peso fell 1 percent to 2,020.97 per dollar at 2:34 p.m. New York time, from 2,001.13 yesterday. Earlier it touched 2,021.65, its weakest since Nov. 3.

“The main driver continues to be the external context, which is generating nervousness,” said Camilo Perez, an analyst at Banco de Bogota SA, the country’s second-biggest bank.

S&P said it revised Spain’s outlook to negative from stable, citing concern about its public finances.

The yield on Colombia’s 11 percent benchmark bonds due in July 2020 slid three basis points, or 0.03 percentage point, to 8.13 percent, according to Colombia’s stock exchange.