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Bancolombia Jumps on Colombia Credit Upgrade Speculation

Bancolombia Jumps on Credit Upgrade Speculation (Update3)

By James Attwood

May 2 (Bloomberg) -- Bancolombia SA, Colombia's largest lender, rose the most since July in Bogota trading on speculation South America's fifth-biggest economy will get its credit rating upgraded.

Bancolombia's preferred stock jumped 6.7 percent to 18,520 pesos, making it the best performer in Colombia's IGBC index. The bank's ordinary stock was the index's second best performer, rising 6 percent to 17,100 pesos.

Bancolombia paced the IGBC's biggest advance in a month after Standard & Poor's unexpectedly raised Brazil's country credit rating to investment grade, sending stocks to a record.

``The market is saying we have much better numbers than Brazil and we should follow,'' Andres Jimenez, head of research at Interbolsa SA, Colombia's biggest brokerage, said by phone.

S&P said in June that following the launch of its revised global recovery ratings scale, it increased the long-term debt ratings on Colombia's foreign currency senior unsecured debt to BBB-, the lowest level of investment grade, while maintaining the rating on the government at BB+, one level below investment grade. Moody's Investors Service and Fitch Ratings both rate Colombia below investment grade.

To contact the reporters on this story: To contact the reporter on this story: James Attwood in Santiago at jattwood3 at bloomberg.net

By billyb on May 5, 2008, 14:19 in Friendly Talkzone. AddThis Social Bookmark Button


billyb says on May 5, 2008, 14:22:

fokin Uribe, why doesn't he get off his butt and improve the economy? Oh, what's that? He has? Ok.

rocinante says on May 5, 2008, 14:42:

Someone told me good stuff about Bancolombia back in December. But the price was 34 and dropping. So I set an alerts for 33. It hit 33 quick so I droped the alert to 32 and then 31. I ran out of money and didn't watch the stock (ADR:CIB) although the alerts were hit.

Now I read this and see the 3 month chart. Stock is at 41 right now after hitting a 52 week high of 44 not long ago. A good buy still. I'm too lazy to find analysis....

Good stuff Billy. Anyone who thinks Uribe should step down in light of everything (approval rating in the 80s not withstanding) needs a reality check. Uribe is a living legend in Colombia and is big time history book material. Pass the chicharron carnudo porfa!

"World economic indicators point to a democrat winning 2008. It will surely be Obama. Peso 1400 by November" Feb 5, 2008

sloopskipper says on May 5, 2008, 15:24:

Yeah, and this idiot looked and passed on it when the ADR debuted on the NYSE!

romy says on May 5, 2008, 17:04:

yeah billyb I'm sure bancolombia stockholders are very grateful of Uribe. I wonder how the milions that had no means to invest in bancolombia, or let alone the people that have no knowledge of the stock market feel about this news? I also wonder how much of the bancolombia profits is leaving the country because it was actually foreign investment? But don't worry I'm not asking you, I know you don't know.

jh816 says on May 5, 2008, 17:25:

Yeah, better that we should join in the Revolucion Boliviariana with Chavez and his pals. The average venazolano is really reaping the rewards of that one.

Yeah, it sucks that there is a big disparity between the haves and the have-nots, but at least when there are successful companies (pronounced "companies allowed to be successful and not expropiated and destroyed by the state") there are more jobs for the regular folks.

Colombia's exports to Venezuela doubled last year. Know why? It's because, more often than not, a socialist system doesn't produce quality products in sufficient mass for the people.

Better there should be haves and have-nots, than everyone be have-nots

billyb says on May 8, 2008, 08:55:

Hey Romi, instead of being consumed by envy and always whining about those that have succeeded more than you, through either working harder, being smarter, more intrepid in their risk taking, or just plain luckier, you should concentrate on the doing the best YOU can, so you can start donating some of that bounty to the less fortunate. Of course, socialists like yourself, while very eager to dip into other's pockets, keep your own purses shut tighter than a bull's ass in springtime.

tomtom33 says on May 8, 2008, 12:26:

I get very tired of class this warfare crap. Believe it or not, the prime preoccupation of the rich is not taking from the poor.

romy says on May 8, 2008, 14:25:

billyb- Funny how you have made these assumptions. why would I be jealous?? I have enough financial backing to be able to not work a further day in my life and I haven't even completed my schooling (I'm still very young). My driving force to go to school is not financial gain but to be able to serve humanity. Hell, I could go live the rest of my life in my finca without a single worry. Right now that school's off I work so that I can serve the community, when I could be touring Africa and Asia, which I'm dying to do, but social responsibility comes first. Are these people that are just worried about increasing their empires smarter than me, perhaps, but I'm happy with my life and it makes me happier to have it so that someone else can eat, go to school, Breathe, etc. rather than me further lining my pockets. When I find the right cause I do donate, though it's hard for me to be able to do this as most agencies have very narrow frameworks. But I have given myself for the cause, which is much more important and valuable in the end. Besides, this is one of the key reasons we pay taxes, therefore government has to be held accountable.
Don't be stupid. If you want to ask me a question go ahead as I have nothing to hide. But don't assume anything you don't know because you accomplish nothing. You are a disgrace and the only reason I respond to you is in hope that you might become a more socially responsible individual.

rocinante says on May 8, 2008, 14:29:

Spoken like a true culi cagado

"World economic indicators point to a democrat winning 2008. It will surely be Obama. Peso 1400 by November" Feb 5, 2008

tomtom33 says on May 8, 2008, 15:10:

I was left-of-center when I was young, too. Don't worry, you will grow up.

romy says on May 8, 2008, 15:16:

why would I change my views tomtom?

sloopskipper says on May 8, 2008, 15:18:

Are you sure Tom, I sure haven't.

I still haven't decided what I want to be when I grow up.

tomtom33 says on May 8, 2008, 15:26:

If one does not change as one gets older, one has not grown. I guess that there are some older liberals. I just can't understand why.

billyb says on May 8, 2008, 15:30:

Wow, so romy is a cyber Mother Teresa with Bill Gates' money, now i am really impressed. Has your application for beatification been sent in yet?

robi666 says on May 8, 2008, 15:31:

With that hair cut you still show, it is not hard to imagine you as a woodstock hippy :)

"I am a citizen of the most beautiful nation on earth. A nation whose laws are harsh yet simple, a nation that never cheats, which is immense and without borders, where life is lived in the present."

romy says on May 8, 2008, 15:31:

billyb shock the world and say one worthwhile thing

billyb says on May 8, 2008, 15:37:

What's the problem roms, bugs you that nobody is impressed?

romy says on May 8, 2008, 15:39:

I don't ask for recognition that's why I don't tend to talk too much about myself. You talk more about me than I do about myself.

billyb says on May 8, 2008, 15:43:

Don't flatter yourself roms, I just make fun of you. But you did find it neccessary to point out how wealthy (or at least "backed", whatever that means, most likely means that it is not your wealth) and saintly you are.

sloopskipper says on May 8, 2008, 15:45:

tomtom33 says on Thursday May 8th, 2008 15:26:

"If one does not change as one gets older, one has not grown. I guess that there are some older liberals. I just can't understand why."

Well, here's one, and I am way over 21, trust me.

romy says on May 8, 2008, 15:59:

billyb you're not funny though... when did it become humorous to assume things about others? you want to see humour here read Simon, Monpirri, huskie. i already told you, that you should have been a cheerleader (you never said if you were or weren't).
What is funny (at least from my side of things) is that you have something for me. I can't quite grasp what it is though, 'penis envy' comes to mind, I don't know you tell me.

tomtom33 says on May 8, 2008, 16:11:

I was more a hippie wanna-be than anything. But I strongly embraced sex, drugs and rock n roll. Now that I am a retired bum, I can have my hair as long as I like-at last.

Sloop, I have a feeling that a few things have changed for you over the years. I can only see the world through my eyes. And I am acutely aware of how absolutely stupid I was when I was younger. Therefore I project onto the kids of today. Hopefully they aren't as stupid as I was.

billyb says on May 8, 2008, 16:51:

jaja, for somebody that doesn't respond to me, you sure seem bent out of shape and angry in the SIX TIMES you have responded, like i told you before, drink some warm milk and tuck yourself into bed and you will feel better in the morning. I am kinda worried though, as penises and cheeerleading outfits come to your mind when you think of me, sorry to disappoint you, but I don't swing that way.

sloopskipper says on May 9, 2008, 09:37:

tomtom33 says on Thursday May 8th, 2008 16:11:

"I was more a hippie wanna-be than anything. But I strongly embraced sex, drugs and rock n roll. Now that I am a retired bum, I can have my hair as long as I like-at last."

Me too, now if I just had some hair to grow long, LOL.

"Sloop, I have a feeling that a few things have changed for you over the years. I can only see the world through my eyes. And I am acutely aware of how absolutely stupid I was when I was younger. Therefore I project onto the kids of today. Hopefully they aren't as stupid as I was."

Hoping that I am not QUITE as stupid, now.

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