Fitch rates Bancolombia notes BBB-

Fitch Ratings said it assigned Bancolombia's $520 million of 4.25% five-year senior notes an expected long-term foreign-currency rating of BBB-.

Proceeds will be used for general business purposes.

Bancolombia's BBB- issuer default ratings are driven by its individual rating, which reflects its strong franchise, solid earnings generation, ample deposit and customer base, diversified loan portfolio and revenues, good asset quality, adequate reserve coverage and strong liquidity, according to the agency.

Ratings also factor in the relatively higher costs, somewhat lower efficiency and higher loan loss provision expenses and capital, the agency said.

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