Moody's affirms Bancolombia

Moody's Investors Service said it affirmed Bancolombia SA's local-currency deposit ratings at Baa2/Prime-3 and foreign-currency subordinated debt ratings at Baa3.

The outlook remains stable.

The agency said that in affirming Bancolombia, it took into consideration the bank's ability to generate adequate core earnings despite the Colombian economic deceleration, supported by ample net interest margins and manageable credit costs, which reflect its well-established business franchise. As a result, Bancolombia's capitalization has improved.

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