Fitch Ratings on April 7 downgraded Banco CorpBanca Colombia SA's long-term national rating to AA+(col) from AAA(col), while revising the outlook to negative from stable.

On the other hand, Fitch affirmed the bank's BBB- long- and F3 short-term foreign and local currency issuer default ratings, "bbb-" viability rating, and short-term national rating at F1+(col). Fitch also revised the issuer default ratings' outlook to negative from stable.

The downgrade was due to the deterioration in the bank's credit profile "to a point that is no longer consistent with the highest national scale rating relative to other entities rated in Colombia," Fitch said.

The bank's viability rating is highly influenced by its tight capitalization metrics and the country's operating environment. Meanwhile, the ratings also consider the bank's moderate financial performance, reasonable although worsening asset quality and sound risk management, as well as the improvements in its liquidity management, Fitch said.