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January 26, 2010

Banco de Comercio Exterior de Colombia S.A. (BANCOLDEX)

Primary Credit Analyst: Joydeep Mukherji, New York (1) 212-438-7351; joydeep_mukherji@standardandpoors.com

Secondary Credit Analyst: R i c h a r d F r a n c i s , N e w Y o r k ( 1 ) 2 1 2 - 4 3 8 - 7 3 4 8 ; r i c h a r d _ f r a n c i s @ s t a n d a r d a n d p o o r s . c o m

Table Of Contents

Major Rating Factors Rationale Outlook Profile Support And Ownership Strategy Asset Quality Profitability Asset-Liability Management Capital

www.standardandpoors.com/ratingsdirect

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