Fitch changes Bancolombia outlook to positive

Fitch Ratings said it affirmed Bancolombia SA's viability rating at bbb and its issuer default ratings at BBB.

The outlook was revised to positive from stable.

Bancolombia's national ratings were also affirmed.

In addition, the agency affirmed Bancolombia Panama's ratings and revised its outlook to positive from stable.

Fitch said Bancolombia's viability rating and its local and foreign currency issuer default ratings reflect its strong franchise, solid balance sheet, adequate performance, robust asset quality and reserves, ample deposit base and access to funding and positive operating environment. The viability rating also reflects the challenges arising from its recent acquisitions. In addition, Fitch notes Bancolombia's efforts to strengthen its capital from the low reached at end 2013.

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