On Sept. 15, 2021, Banco de Bogota S.A. y Subsidiarias (BBogota; BB+/Stable/B) announced its intention to submit a request to spin off 75% of its ownership of BAC International Bank Inc. The spin off stocks will be listed in the Colombian Stock Exchange and will be held by Grupo Aval's ultimate shareholders, pending regulatory approval. The remaining 25% equity will be owned by BBogota. We're placing our 'BB+' long-term and 'B' short-term issuer credit rating on BIB on CreditWatch with positive implications. The CreditWatch placement is based on the likelihood that BIB will no longer be a subsidiary of BBogota, and the rating on it will no longer limit that on BIB. After the transaction is completed, we could upgrade
