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Moody's has upgraded the long and short-term foreign currency deposit ratings of Colombian banks Bancolombia (NYSE: CIB) and Banco de Bogotá, with a stable outlook, the ratings agency said in a press release.
Moody's also upgraded Bancolombia's foreign currency senior unsecured debt rating.
The ratings action follows the agency's recent upgrade of Colombia's country ceilings for foreign currency bonds and deposits. Moody's noted that the upgrade on the deposit and senior unsecured bond ratings has no impact on their financial strength ratings, nor on local currency deposit ratings.
The upgrade on the country ceiling was due to "Colombia's proven ability to deal with internal and external shocks, as evidenced by the government's recent economic and financial performance and the country's long history of timely debt payments," a separate note reads.
To read the press release on Colombia's country ceiling, in English, go to this link
To read the press release on Colombia's country ceiling, in Spanish, go to this link
To read the press release on the banks' upgrade, in English, go to this link
To read the press release on the banks' upgrade, in Spanish, go to this link