Fitch Ratings on April 7 affirmed the ratings of several Colombian banks, based on the support provided to them by their parent companies and ultimate shareholders.
Fitch maintained the AAA(col) long- and F1+(col) short-term national ratings of Citibank Colombia SA, Banco Falabella SA and Banco Santander de Negocios Colombia SA.
Meanwhile, the rating agency also kept Banco ProCredit Colombia SA and Banco Multibank SA's AA(col) long- and F1+(col) short-term national ratings.
All the banks' long-term ratings have a stable outlook.
Separately, Fitch affirmed Banco Agrario de Colombia SA's viability rating at "bb," citing the bank's "clear focus and strong franchise" within small- and medium-sized agricultural producer markets. Fitch noted, however, that the bank is still a moderate player within the broader Colombian banking system.
In addition, Banco CorpBanca Colombia SA's long-term national rating was downgraded to AA+(col) from AAA(col) while its outlook was revised 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 ratings actions came weeks after Fitch changed its issuer default ratings outlook on a number of Colombian financial institutions to stable from negative following a similar move on the Colombian sovereign.