Fitch: Sudameris notes BB+

Fitch Ratings said it expects to assign a BB+ rating to Banco GNB Sudameris SA's upcoming dollar-denominated senior unsecured unsubordinated notes.

The notes - for an amount and tenor to be determined - will carry a fixed-interest rate to be set at the time of issuance.

Interest payments will be made semiannually until maturity.

The notes will be the bank's senior unsecured obligations and will rank pari passu with the existing and future senior unsecured obligations of the bank, Fitch said.

The notes will be senior to the bank's existing and future subordinated debt, to its capital stock and to any other instruments that may qualify as capital according to Colombian regulation, the agency said.

The proceeds will be used for general corporate purposes.

Fitch said it expects the bank's leverage to increase slightly in the short run and that continued growth and positive returns will allow the bank to sustain adequate core-capital levels.

The bank has long-term foreign- and local-currency issuer default ratings of BB+ and a stable outlook.

The ratings are driven by the bank's viability rating of BB+, which reflects its robust asset quality, sound reserves, sufficient capital, ample liquidity, operating efficiency and moderate, yet consistent performance, the agency said.

The ratings also consider the bank's experienced management and clear strategy, Fitch added.

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