Fitch Affirms Bancolombia Panama at 'BBB'; Outlook Positive

martes 16 de septiembre de 2014 12:52 GYT
 

(The following statement was released by the rating agency) NEW YORK, September 16 (Fitch) Fitch Ratings has affirmed Bancolombia Panama's ratings, including its 'BBB' Issuer Default Rating (IDR). The Rating Outlook is revised to Positive from Stable. A complete list of rating actions follows at the end of this press release. KEY RATING DRIVERS: Fitch affirmed Bancolombia Panama's (BP) IDRs in line with those of its parent, Bancolombia. BP is highly integrated with Bancolombia and is a core part of the parent's business strategy in Colombia and Central America. Support from Bancolombia should be forthcoming if needed, and the parent's ability to provide support is reflected in its ratings. Bancolombia's current IDR is 'BBB' with a Positive Outlook. (For more information about Bancolombia's rating drivers please refer to 'Fitch Affirms Bancolombia at 'BBB', Outlook Positive' dated Sept. 16, 2014, available at www.fitchratings.com.) In addition to today's affirmations, Fitch has withdrawn BP's viability rating (VR). According to Fitch's criteria, Fitch assigns VRs to most commercial banks and bank holding companies. However, it does not assign VRs to subsidiary banks that do not have a meaningful standalone franchise that could exist without the ownership of the parent, which in Fitch's opinion is the case for BP. RATING SENSITIVITIES BP's IDRs could be upgraded if Bancolombia's IDR is upgraded; the IDRs would move in line with Bancolombia's rating. Fitch has taken the following rating actions on Bancolombia Panama: --Long-term foreign currency IDR affirmed at 'BBB'; Outlook revised to Positive from Stable; --Short-term foreign currency IDR affirmed at 'F2'; --Viability rating of 'bb' withdrawn; --Support rating affirmed at '2'; --Long-term deposits affirmed at 'BBB'; --Short-term deposits affirmed at 'F2'. Contact: Primary Analyst Diego Alcazar Director +1-212-908-0396 Fitch Ratings, Inc. 33 Whitehall St. New York, NY 10004 Secondary Analyst Andres Marquez Director +57 1 326-999 x 1220 Committee Chairperson Franklin Santarelli Managing Director +1-212-909-0739 Media Relations: Elizabeth Fogerty, New York, Tel: +1 (212) 908 0526, Email: elizabeth.fogerty@fitchratings.com. Additional information is available at 'www.fitchratings.com'. Applicable Criteria and Related Research: --'Global Financial Institutions Rating Criteria' (Jan. 31, 2014); --'Rating FI Subsidiaries and Holding Companies' (Aug. 10, 2012). Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Rating FI Subsidiaries and Holding Companies here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.