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Fitch rates Banco de Bogota notes BBB
Fitch Ratings said it assigned a long-term foreign currency rating of BBB(EXP) to Banco de Bogota SA's upcoming $600 million 10-year senior unsecured fixed-rate notes.
Net proceeds will be used to repay a senior bridge loan due Jan. 11, 2018 and any excess proceeds for general corporate purposes.
The notes will rank pari passu in right of payment with all of the bank's existing and future senior unsecured debt. The settlement amount paid to the investors will be denominated in dollars. The notes may be called at the option of the bank.
The expected rating assigned to the new issuance corresponds to Banco de Bogota’s issuer default rating, as the notes are senior unsecured, unsubordinated obligations.
Fitch said the ratings consider the bank’s solid and consistent financial performance, sound asset quality and reserves, conservative credit and risk policies, its ample and diversified funding base and its leading franchise.
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