Fitch lifts Bancolombia to BBB+

Fitch Ratings said it upgraded Bancolombia SA's viability rating to bbb+ from bbb and issuer default ratings to BBB+ from BBB.

The outlook is stable.

The agency also affirmed Bancolombia's national ratings.

Fitch said it upgraded the ratings the bank has been able to sustain its Fitch Core Capital Ratio at levels above those the agency expected, supported by moderate, increasing profitability.

The bank’s ratings reflect its strong franchise, solid balance sheet, adequate performance, robust asset quality and reserves and ample deposit base, and access to funding, Fitch said.

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