...Government Support-Driven Bank: Banco de Comercio Exterior de Colombia S.A.'s (Bancoldex) Issuer Default Ratings (IDRs) are driven by its Government Support Rating (GSR), which is equalized with Colombia's Long-Term IDR (BB/Stable). The ratings reflect Fitch Ratings' assessment of the Colombian government's high propensity and ability to provide timely support to Bancoldex, if needed. Fitch also believes Bancoldex plays a prominent policy role, as it is an integral arm of the state in implementing economic development policies. Fitch does not assign a Viability Rating (VR) to Bancoldex because its operations are largely determined by its political role, which supports our assessment of the likelihood of government support. State Ownership: Fitch's support assessment considers with high importance that Bancoldex is a policy bank fully owned by the state through Grupo Bicentenario, a government holding of the Ministry of Finance. Although the Colombian government does not explicitly fully...
