Fitch Expects to Rate Banco de Bogota's Subordinated Notes 'BBB-'

  Fitch Expects to Rate Banco de Bogota's Subordinated Notes 'BBB-'

Business Wire

NEW YORK -- February 11, 2013

Fitch Ratings expects to assign a 'BBB-' rating to Banco de Bogota S.A.'s
(Bogota) upcoming 10-year U.S. dollar subordinated notes. The final rating is
contingent upon the receipt of final documents conforming to information
already received.

The expected rating is in line with the rating guidelines in Fitch's criteria
'Assessing and Rating Bank Subordinated and Hybrid Securities'. The notes rank
junior to Bogota's senior unsecured debt and will be structurally subordinated
to existing and future obligations of its subsidiaries and tax, labor and
other obligations that are privileged by law. Their rating is one notch below
Bogota's Viability Rating (VR) reflecting one notch for loss severity, but no
notches for incremental non-performance risk relative to the bank's VR. The
securities' rating is sensitive to any change in Bogota's VR (for more
information on Bogota's rating drivers and sensitivities, please refer to
Fitch press release dated Dec. 7, 2012).

The notes, for an amount to be determined, will mature in 2023 and pay a fixed
interest rate to be set at the time of the issuance; interest payments will be
made semi-annually. The notes will be subordinated to Bogota's senior
obligations, they will rank pari-passu with all of Bogota's subordinated debt
and will be senior in right of pay to Bogota's capital stock and to any other
instruments that may qualify as Tier I capital according to Colombian
regulation. Bogota will use the proceeds of the issuance of the notes for
general corporate purposes.

Fitch will not assign equity credit to the subordinated bonds as these do not
have any capital components according to Fitch's methodology, though they
qualify as Tier II regulatory capital according to local capital adequacy
regulations. The final amount issued is not expected to materially change
Bogota's financial profile.

Boasting over 140 years of history, Banco de Bogota is Colombia's second
largest bank with a market share of about 15% by assets. Traditionally
oriented to the corporate segment, the bank has diversified into the retail
business and expanded abroad. The bank operates in six Central American
countries through BAC and is controlled by Grupo Aval (rated 'BBB-'),
Colombia's largest financial services group.

Fitch currently rates Banco de Bogota as follows:

--Long-term foreign currency IDR 'BBB'; Outlook Stable;

--Short-term foreign currency IDR 'F2';

--Long-term local currency IDR 'BBB'; Outlook Stable;

--Short-term local currency IDR 'F2';

--Viability rating 'bbb';

--Support Rating '3';

--Support floor 'BB+';

--Senior unsecured debt 'BBB'.

Additional information is available at 'www.fitchratings.com'. The ratings
above were solicited by, or on behalf of, the issuer, and therefore, Fitch has
been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Financial Institutions Rating Criteria' (Aug. 15, 2012);

--'Assessing and Rating Bank Subordinated and Hybrid Securities' (Dec. 5,
2012).

Applicable Criteria and Related Research:

Assessing and Rating Bank Subordinated and Hybrid Securities

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=695542

Global Financial Institutions Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686181

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF
CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL,
COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM
THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Contact:

Fitch Ratings
Primary Analyst
Diego Alcazar
Director
+1-212-908-0396
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Andres Marquez
Director
+57-1-326-9999
or
Committee Chairperson
Alejandro Garcia
Senior Director
+1-52-81-8335-7179
or
Media Relations:
Elizabeth Fogerty, +1-212-908-0526 (New York)
elizabeth.fogerty@fitchratings.com