Fitch: Colombia's Banks Resistant to Weak Peso and Slow Growth

April 24, 2015 2:25 PM

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(The following statement was released by the rating agency) NEW YORK, April 24 (Fitch) The strong U.S. dollar, Colombian peso (COP) depreciation and slow growth in Latin American economies are not expected to be serious threats to the credit strengths of Colombia's largest private banks, says Fitch Ratings.

In a strong dollar environment, Colombia's banks' primary currency exchange threat is local creditors needing to service debt and repay loans in foreign currencies (such as U.S. dollars) when the creditors' primary source of income is in COPs. Colombia's first lines of defense against this risk are ...

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