Fitch puts Banco de Bogota, Grupo Aval on watch

Fitch Ratings said it placed selected international scale ratings of Banco de Bogota SA, Grupo Aval Acciones y Valores SA (Grupo Aval) and other related entities on Rating Watch negative.

This action follows the release of financial reports reflecting weaker-than-expected capital metrics at Bogota, Fitch said.

The negative watch reflects that Banco de Bogota’s capital adequacy metrics were affected by the significant depreciation of the local currency, which boosted its U.S. dollar-denominated risk-weighted assets, the agency said.

Grupo Aval’s ratings are driven by the business and financial profile of its subsidiaries, particularly Banco de Bogota’s, Fitch said, along with its own moderate leverage and adequate cash flow metrics.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.