...Government Support Drives Ratings: Financiera de Desarrollo Nacional S.A.'s (FDN) ratings are based on the support it would receive from the Colombian government, if required, as reflected in its Government Support Rating (GSR) of 'bb'. Fitch Ratings considers the bank's policy role to be significant, as it is integral to the implementation of the state's infrastructure development policies. State Ownership: Fitch's support assessment considers with high importance that the Colombian government is FDN's majority shareholder through Grupo Bicentenario. It also considers the bank's operational and financial synergies with the public administration. However, the government does not extend an explicit guarantee on all the bank's debt. Government Support Ability: The government's current ability to support the bank is reflected in the sovereign's Issuer Default Rating (IDR) of 'BB', with a Stable Outlook. The GSR indicates the minimum level to which the bank's Long-Term IDRs could fall if Fitch...
