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Moody's revises outlook on Bancolombia to stable from negative

Moody's on May 28 revised its outlook on Bancolombia SA's ratings to stable from negative, following a similar action on Colombia's Baa2 government bond rating.

The outlook revision on Colombia's ratings reflects improving economic conditions, continuation of the government's fiscal consolidation process that will support its debt metrics and contained risks from external accounts, Moody's said.

The rating agency also affirmed Bancolombia's ratings, mirroring good earnings generation capacity, improving consumer asset quality despite high corporate loan delinquencies and stable core funding access that partially offsets the bank's reliance on market funding.

In addition, Moody's affirmed the ratings of Banco de Bogotá SA, Banco Davivienda SA and Grupo Aval Acciones y Valores SA. The outlook on these banks remain negative.