...Viability Rating Drives Issuer Default Ratings: Bancolombia S.A.'s (Bancolombia) Issuer Default Ratings (IDRs) are driven by its standalone creditworthiness, which is reflected in its 'bb+' Viability Rating (VR), which is aligned with its implied VR. The bank's VR considers Bancolombia's robust company profile, underpinned by its leading market share within the Colombian market, which results in consistent and ample total operating income generation and a strong financial profile. The recent change in Bancolombia's corporate structure, which entails deconsolidating its subsidiaries in Central America, could slightly impact some financial ratios in the short term, but they will remain aligned to Bancolombia's current ratings. Ratings Above the Sovereign: Bancolombia's ratings are now one notch above Colombia's sovereign IDRs (BB/Stable) and reflect Bancolombia's very strong business profile and its significant market position within the Colombian banking system relative to its local peers....
