BANCOLOMBIA: S&P Affirms ''BBB-'' Ratings With Negative Outlook

(RTTNews) - S&P Global Ratings affirmed Bancolombia's long-term credit rating at 'BBB-' with a negative outlook, mentioning the financial institution leading market share in the Colombian banking system and its good operating stability.

The credit rating agency said Bancolombia's broad and stable deposit base continues to support its funding profile. S&P does not anticipate significant liquidity needs soon.

S&P's report also noted that Bancolombia's business diversification provides income stability.

"The bank continues to participate in virtually all lines of business, although commercial loans have historically represented the largest share of its credit portfolio," S&P said.