Correction - Fitch Revises Outlook on Colombian Banks on Sovereign Action.MONTERREY, Mexico & NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- (This is a correction for a release that went out on June 7, 2006. It corrects the long-term ratings on BBVA BBVA Banco Bilbao Vizcaya Argentaria (First Bank of Spain) Colombia.) Fitch Ratings-New York-June 7, 2006: Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has revised the Outlook on the long-term foreign currency issuer default ratings (IDRs) of two Colombian banks; Bancolombia and BBVA Colombia to Positive from Stable, after taking the same action on the sovereign foreign currency IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. . All other ratings remain unchanged as follows: Bancolombia -- Foreign currency long-term IDR 'BB' (Outlook revised to Positive); -- Foreign currency short-term IDR 'B'; -- Local currency long-term IDR 'BBB-' (Outlook Stable); -- Local currency short-term IDR 'F3'; -- Individual 'C'; -- Support '3'. BBVA Colombia -- Foreign currency long-term IDR 'BB' (Outlook revised to Positive); -- Foreign currency short-term IDR 'B'; -- Local currency long-term IDR 'BBB-' (Outlook Stable); -- Local currency short-term IDR 'F3'; -- Individual 'C/D' on Rating Watch Negative; -- Support '3'. As the foreign currency IDR's of both banks are constrained by the country ceiling, it is highly likely that Bancolombia and BBVA Colombia's foreign currency long term IDRs would follow an upgrade of the Colombian country ceiling. Bancolombia's IDRs are driven by the financial strength implicit in Adj. 1. implicit in - in the nature of something though not readily apparent; "shortcomings inherent in our approach"; "an underlying meaning" underlying, inherent its Individual rating, while BBVA's reflect Fitch's view of the likelihood of support should it be required. For further details on the sovereign action, see commentary 'Fitch Revises Outlook on Colombia's 'BB' IDR to Positive' dated June 5, 2006. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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