Grupo Cibest S.A. is the new nonoperating holding company and ultimate parent for all of Grupo Bancolombia?s subsidiaries and business lines. Because Cibest depends on dividends from its subsidiaries to service its financial obligations, the rating on Cibest is one notch below the group credit profile ('bb+'). We also incorporate Cibest's adequate cash position and low leverage in our analysis. We assigned our 'BB/B' global scale issuer credit ratings to Cibest. We also affirmed our ?BB+/B? issuer credit ratings on Bancolombia S.A., Bancolombia Panama S.A., and Banistmo S.A., and our ?B-/B? ratings on Banco Agricola S.A. The negative outlook on Cibest, Bancolombia S.A., Bancolombia Panama S.A., and Banistmo S.A. mirrors our negative outlook on Colombia. The stable outlook on Banco
