Fitch upgrades Grupo Aval to BBB

Fitch Ratings said it upgraded Grupo Aval Acciones y Valores SA’s issuer default rating to BBB from BBB-.

The outlook is stable.

Fitch said the upgrade follows the upgrade of Banco de Bogota, Grupo Aval's largest operating subsidiary as the bank has maintained a sound performance and its solid balance sheet while strengthening its franchise in Central America through well though-out acquisitions that complement its subsidiary's operations in Guatemala and Panama.

Other operating assets for Grupo Aval include three niche banks in Colombia and a network of well-positioned Central American banks (owned by Banco de Bogota). Under Fitch's rating criteria, there is a close link between the credit worthiness of a holding company and its main operating subsidiary.

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