Fitch Revises Outlook on Colombian Banks on Sovereign Action.

MONTERREY, Mexico & NEW YORK -- Fitch Ratings 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. 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 'BB+' (Outlook Stable);

--Local currency short-term IDR 'B';

--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 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.

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