Banco De Bogota Gets Upgrade

Fitch has upgraded Banco de Bogota’s rating to BBB from BBB minus, it says. The move is driven by the bank’s sustained sound performance and solid balance sheet while successfully incorporating BAC-Credomatic (BAC) into its business following its acquisition of the Central American lender. The agency notes a strong franchise, sound asset quality and reserves, consistent performance, conservative risk policies, diversified funding, adequate capital and systemic importance. This is weighed against its heightened competitive environment in Colombia and abroad, and the risk arising from its ongoing diversification into retail. The outlook is stable.