MOODY'S PLACES NEGATIVE OUTLOOK ON COLOMBIAN BANKS' BOND AND DEPOSIT RATINGS
New York, May 21, 1998 -- Moody's Investors Service announced a negative outlook for the Baa3 and Ba1 foreign-currency bond and deposit ratings of Colombian banks.
This action follows the negative outlook that Moody's has placed on the Republic of Colombia's Baa3 ceiling for foreign-currency bonds/notes and Ba ceiling for foreign-currency deposits. The foreign-currency bond and deposit ratings of all Colombian banks (see list below) currently are at the ceiling levels.
The following ratings are affected:
Banco Ganadero S.A. - - Baa3/Ba1 for foreign-currency bonds/deposits;
Banco de Colombia S.A. -- Baa3/Ba1 for foreign-currency bonds/deposits;
Banco Industrial Colombiano S.A. -- Ba1 for foreign-currency deposits;
Banco de Bogota S.A. -- Ba1 for foreign-currency deposits;
Banco Popular S.A. -- Ba1 for foreign-currency deposits; and,
Bancafe S.A. -- Ba1 for foreign-currency deposits.
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