Davivienda Gets BBB Minus

Both S&P and Fitch have assigned Banco Davivienda a BBB minus rating with a stable outlook. The agencies cite the bank’s strong position in the Colombian financial system after it transformed itself from a mortgage lender into a universal bank. It is now the country’s third largest bank in terms of assets with a market share of 11.7%, according to Fitch. Banco Davivienda has its sights on raising up to $350 million in a subordinated bond sale overseas, and recently opened the subscription period for a domestic equity follow-on, as it seeks to raise COP480bn-COP800bn ($253m-$422m).