S&P lowers Colombian banks

S&P said it lowered the ratings on six Colombian commercial banks and on their respective core entities to BB+/B from BBB-/A-3, including Bancolombia, SA y Companias Subordinadas, Bancolombia Panama SA, Banistmo SA, Banco de Bogota SA y Subsidiarias, BAC International Bank Inc. and Credomatic International Corp.

The agency also lowered the ratings on Banco de Bogota’s senior unsecured notes due 2027 and on Banistmo's $300 million senior unsecured notes to BB+ from BBB-.

S&P also lowered the ratings on Financiera de Desarrollo Territorial SA (Findeter) to BBB-/A-3 from BBB/A-2 and Financiera de Desarrollo Nacional SA to BBB- from BBB. The outlooks are stable.

The agency also lowered the issue-level rating on Findeter's $500 million fixed-rate senior unsecured notes due 2024 to BBB- from BBB.

S&P affirmed the ratings on Banco Davivienda SA at BBB-/A-3 and on Credivalores - Crediservicios SAS at B+/B. The outlooks are stable.

The agency also affirmed the BBB- issue-level rating on Davivienda's $500 million senior unsecured debt and the B+ issue-level rating on Credivalores' senior unsecured notes.

S&P said the actions follow the downgrade of the sovereign, which reflects a weakening external profile given still high external debt.

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