Fitch affirms Bancolombia

Fitch Ratings said it has affirmed Bancolombia's long- and short-term issuer default ratings and outstanding debt ratings as follows: long-term foreign currency issuer default rating at BB+; short-term foreign currency issuer default rating at B; long-term local currency issuer default rating at BB+; short-term local currency issuer default rating at B; individual at C/D; support at 3; and support Floor at BB-.

At the same time, the agency said that the rating for Bancolombia's subordinated debt maturing May 2017 was affirmed at BB.

The outlook is stable.

Bancolombia's ratings reflect its dominant franchise, diversified loan portfolio and revenues, ample deposit base, strong earnings generation and sound management, Fitch noted, adding that they also factor in the stretched capital, deteriorating asset quality and increased provision requirements.

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