Fitch Upgrades Colombian Banks on Revised Country Ceilings.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 -- Fitch has upgraded the foreign currency Issuer Default Rating (FC 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. ) for two Colombian banks, Bancolombia and BBVA BBVA Banco Bilbao Vizcaya Argentaria (First Bank of Spain) Colombia. These rating actions follow the recent Country Ceiling upgrades for various countries, including Colombia to 'BB+' from 'BB'. (See the Fitch release, 'Fitch Revises Country Ceilings for 40 Countries' dated Aug. 17, 2006). The rating actions are as follows: Bancolombia --FC long-term IDR upgraded to 'BB+' from 'BB'; Outlook revised to Stable from Positive; --FC short-term rating affirmed at 'B'; --Local currency long-term IDR affirmed at 'BBB-'; Outlook Stable; --Local currency short-term rating affirmed at 'F3'; --Individual affirmed at 'C'; --Support affirmed at '3'. BBVA Colombia --FC long-term IDR upgraded to 'BB+' from 'BB'; Outlook revised to Stable from Positive); --FC short-term rating affirmed at 'B'; --Local currency long-term IDR affirmed at 'BBB-'; Outlook Stable; --Local currency short-term rating affirmed at 'F3'; --Individual 'C/D' remains on Rating Watch Negative; --Support affirmed at '3'. 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 the ownership of the bank by a strong parent. 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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