Fitch: Bancolombia notes BBB-

Fitch Ratings said it assigned Bancolombia SA's upcoming 10-year dollar-denominated senior notes an expected long-term foreign-currency rating of BBB-.

The bank has a foreign-currency long-term issuer default rating of BBB-, foreign-currency short-term issuer default rating of F3, local-currency long-term issuer default rating of BBB-, local-currency short-term issuer default rating of F3, senior bonds rating of BBB-, subordinated bonds rating of BB+, national long-term rating of AAA(col), national short-term rating of F1+(col), senior bonds rating of AAA(col) and subordinated bonds rating of AA+(col).

The outlook is stable.

The notes will be issued for an amount to be determined and will carry a fixed interest rate to be set at the time of the issuance, Fitch said.

The ratings reflects the bank's strong franchise, solid earnings generation, ample deposit and customer base, diversified loan portfolio and revenues, good asset quality and strong liquidity, the agency said.

The ratings also factor in the relatively higher costs, somewhat lower efficiency, higher loan loss provisions and improving capital, Fitch said.

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