Fitch Upgrades BBVA Colombia to BBB

Fitch has upgraded the ratings outlook for BBVA Colombia (BCO) to BBB from BBB minus, on the heels of Colombia’s sovereign rating upgrade. The prospects for corporate Colombia are likely to brighten as consumer confidence fuels credit growth and consumption, the agency says. BCO is expected to continue to grow its loan portfolio across all segments by 15%-20% over the next year or so, Fitch adds.