Fitch assigns Bancolombia notes BBB

Fitch Ratings said it assigned a BBB rating to Bancolombia's upcoming dollar-denominated senior unsecured notes. The global notes for $950,000,000 are due in 2025. The interest rate for the notes is 3%; interest payments are semi-annually. The proceeds will be used to replace the existing notes and to pay the accrued interests.

The rating assigned to Bancolombia's senior unsecured notes is aligned with its BBB long-term foreign currency issuer default rating, as the likelihood of default is the same, Fitch said. The notes will rank pari passu with all of Bancolombia's senior unsecured obligations.

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