The rating assigned to Bancolombia’s senior unsecured notes is aligned with its ‘BBB’ Long-Term Foreign Currency Issuer Default Rating (IDR), as the likelihood of default is the same. The notes will rank pari passu with all of Bancolombia’s existing and future senior unsecured obligations.

Bancolombia’s IDR is driven by its ‘bbb’ Viability Rating (VR). The VR is highly influenced by Fitch’s assessment of the bank’s various operating environments. Additionally, Bancolombia’s ratings consider its robust company profile and sound financial performance for its rating category, although capital adequacy metrics continue to compare unfavorably with similarly rated international peers (emerging market commercial banks in the ‘bbb’ rating category).

The bank’s senior debt ratings will remain aligned with Bancolombia’s Long-Term IDRs and, therefore, will mirror any potential changes in the IDRs.

Fitch currently rates Bancolombia as follows:

• Long-Term Foreign Currency IDR ‘BBB’; Outlook Negative;
• Short-Term Foreign Currency IDR ‘F2’;
• Long-Term Local Currency IDR ‘BBB’; Outlook Negative;
• Short-Term Local Currency IDR ‘F2’;
• Viability Rating ‘bbb’;
• Support Rating ‘2’;
• Support Rating Floor ‘BBB-‘;
• Senior unsecured debt ‘BBB’;
• Subordinated debt ‘BBB-‘;
• Subordinated debt ‘BB+’.