Moody’s: Banco de Bogota note reopening Ba2

Moody's Investors Service said it assigned a Ba2 long-term foreign currency subordinated debt rating to Banco de Bogota SA's $600 million subordinated debt issuance due May 12, 2026, issued on May 2, 2016.

The bank is reopening the issuance and increasing the amount by up to another $700 million for a total amount of up to $1.3 billion.

The agency continues to assign a Ba2 rating to the notes.

Moody’s said the Ba2 rating for the subordinated debt issuance is one notch below the bank's ba1 adjusted baseline credit assessment (adjusted BCA) to reflect the subordination of the notes. The rating and the adjusted BCA take into account the expectation that the measures announced by management on June 14 to strengthen the bank's capitalization ratios will be finalized in the short-term.

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