BOGOTA, Colombia, July 4, 2013 /PRNewswire/ -- Itau BBA Colombia S.A. received the AAA rating today, the highest investment grade in the credit ranking granted to companies and countries by the international agency Fitch.
The rating is the grade assessing the ability of a company or nation to settle its debts.
In winning the AAA grade from Fitch, one of the three biggest credit assessment agencies in the world, the Colombian subsidiary of Itau BBA will have access to a higher volume of credit at lower cost. In granting this rating to Itau BBA, the agency is announcing to the market that it sees the lowest possible risk of the institution defaulting on its debts.
"We believe that the AAA rating granted by Fitch is a recognition of our work of establishing Itau BBA in Colombia, which is already yielding favorable results in line with our expectations, a goal we've accomplished in less than a year of operation," states Ramiro Gonzalez-Prandi, President of Itau BBA Colombia. "Because of the robustness of our balance sheet, we can take part in operations with big multinational companies that are established in Colombia or interested in doing business here, as well as with Colombian companies with large investment projects that are interested in expanding internationally. This reaffirms our group's commitment to growth in the region."
He is also of the opinion that winning the highest investment grade will strengthen Itau BBA's commitment to support the growth of the Colombia economy, inasmuch as it will facilitate access to credit, which will ultimately be allocated to projects in the public and private sectors.
About Itau BBA:
Itau BBA is the corporate and investment bank of Grupo Itau Unibanco, the largest financial conglomerate in Brazil, and one of the biggest in the world in terms of market capitalization. Its portfolio is made up of 3,100 of the biggest companies in Latin America, and more than 700 institutional investors. Itau BBA provides financial services, investment projects, transactional products, advisory services on mergers and acquisitions, capital and debt offerings, and derivatives, among other things.
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SOURCE Itau Unibanco Holding S.A.