Fitch rates Bancolombia notes BB+

Fitch Ratings said it assigned an expected BB+ long-term foreign-currency rating to Bancolombia SA's upcoming dollar-denominated 10-year subordinated notes.

The issuer has BBB- long-term local- and foreign-currency issuer default ratings, F3 short-term local- and foreign-currency issuer default ratings, a C individual rating, a 3 support rating and a BB support floor, and its existing subordinated debt is rated BB+.

The outlook is stable.

Bancolombia will use the proceeds to sustain its asset growth and better match the maturities of its assets and liabilities, the agency said.

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