Moody's rates Bancolombia's US$500mn senior unsecured debt Baa3

Tuesday, May 24, 2011

Moody's has assigned a Baa3 long-term foreign currency debt rating to Bancolombia's (NYSE: CIB) 10-year, US$500mn senior notes due May 24, 2021.

The rating carries a positive outlook, the agency said in a report.

The rating is in line with Bancolombia's global local currency deposit rating of Baa2, and constrained by Colombia's country ceiling for its foreign currency debt (rated Baa3), the report reads.

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Medellín-based Bancolombia is the country's largest bank. It had 71.2tn pesos (US$39bn) in assets and 45.5tn pesos in deposits as of March 31.

To read the full report, go to this link