Fitch upgrades Bancolombia

Fitch Ratings said it upgraded Bancolombia's issuer default ratings to BBB from BBB-.

The outlook was revised to stable from positive.

Bancolombia's ratings were upgraded as the bank sustained its strong performance while maintaining solid asset quality metrics, ample loan loss reserves and adequate capital, the agency said.

In addition, the bank's continued expansion within Colombia and into Central and South America deepen its revenue diversification and underpin its revenues while a positive economic background fosters healthy growth, the agency noted.

Bancolombia's strong balance sheet and performance and solvency metrics compare well with similarly rated peers, Fitch said.

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