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The revision reflects Davivienda's “resilient and stable financial performance that has proven effective and consistent during periods of market turmoil."

Fitch Ratings said that BBVA sees its Colombian arm as a strategic subsidiary based upon its profitability and growth potential.

Though the notes have a Baa1 rating with a stable outlook, Moody's has concerns over Sura's leverage, regional market volatility, and the immature capital markets of Latin America.

S&P made no changes but suggested it could downgrade Colombia's sovereign rating if the country's fiscal debt burden does not improve within the next 18 months.