Fitch puts BAC International on watch

Fitch Ratings said it placed BAC International Bank, Inc.'s (BIB) long term issuer default rating of BB+ and long-term national scale rating of AA(pan) on rating watch negative.

“These actions follow the Sept. 15, 2021, announcement by BIB's ultimate parent, Grupo Aval Acciones y Valores SA's (Aval), that it plans to deconsolidate Leasing Bogota SA Panama (Leasing BP, BIB's full owner) from Banco de Bogota SA (Banco de Bogota),” Fitch said in a press release.

The agency said it aims to resolve the rating watch once the deal closes, which could take more than six months.

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