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S&P raises outlook on Bancolombia, units

S&P Global Ratings on May 23 changed its outlook on Bancolombia SA to positive from stable.

With the move, the rating agency also raised the outlooks on two of the bank's Panamanian subsidiaries, Bancolombia Panamá SA and Banistmo SA, positive from stable.

The outlook revision on Bancolombia reflects the bank's improving consolidated capitalization metrics, as a result of continuous internal capital accumulation, as well as an increase in risk-weighted exposures that was lower than Ratings expected. The latter factor was based on stable net income and improving economic risks of some countries that Bancolombia operates in, specifically Panama and El Salvador.

The rating agency expects Bancolombia's risk-adjusted capital ratio will average 5.16% over the next 24 months, slightly above the 4.8% previous forecast.

Along with the outlook change, Ratings affirmed the BB+ and B long- and short-term issuer credit ratings of all three banks. Bancolombia's stand-alone credit profile remains at "bb+."

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.