MEDELLIN, Colombia, June 22 /PRNewswire-FirstCall/ -- Fitch Ratings ("Fitch") yesterday upgraded Bancolombia's (NYSE: CIB) Foreign Currency as follows:
- Long-Term Issuer Default Rating (IDR) to 'BBB-' from 'BB+'
- Local Currency Long-Term IDR to 'BBB-' from 'BB+'
- The Foreign Currency Short-Term IDR to 'F3' from 'B';
- Local Currency Short-Term IDR to 'F3' from 'B'; the Individual Rating to 'C' from 'C/D';
- The Support Floor to 'BB' from 'BB-'
- Subordinated debt to 'BB+' from 'BB'.
Fitch also affirmed its Support Rating at '3'
The Rating Outlook is Stable.
Per Fitch's press release, "Fitch's upgrade of Bancolombia's Individual rating and IDRs reflect the sustained improvement of the bank's solvency and reserve coverage ratios and the resilience to the crisis it showed by maintaining good asset quality, stable profitability and strong earnings generation. Having successfully taken over and consolidated Banco Agricola's operations, Bancolombia evolved into a regional player showing solid performance through the crisis. The bank achieved profitability and healthy growth over the past few years and proved it has the diversification, tools and expertise to manage through a downturn. Hence it emerges from the crisis not only bigger but also better positioned and poised to resume growth within a more benign economic scenario."
Tel.: (574) 4041424
Jaime A. Velasquez
Tel.: (574) 4042199
Juan E. Toro
Tel.: (574) 4041837
SOURCE Bancolombia, S.A.