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Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Grupo Aval Acciones y Valores S.A.Global Credit Research - 21 Jan 2022New York, January 21, 2022 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Grupo Aval Acciones y Valores S.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 17 January 2022 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.Grupo Aval Acciones y Valores' (Grupo Aval) Ba2 long-term local and foreign currency issuer ratings and Grupo Aval Limited's long-term foreign currency senior debt ratings incorporate Moody's assessment of the structural subordination of the holding company's liabilities to those of Banco de Bogotá and other subsidiaries. Grupo Aval's ratings are therefore notched off Banco de Bogota's ba1 baseline credit assessment (BCA). In addition, the ratings incorporate the company's high interest coverage and stable -albeit high- double leverage ratio, as measured by investments in subsidiaries relative to shareholders' equity. Grupo Aval Limited's debt ratings are based on Grupo Aval's irrevocable and unconditional guarantee of Grupo Aval Limited's liabilities under the indentures.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was Banks Methodology published in July 2021. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Marcelo De Gruttola Vice President - Senior Analyst Financial Institutions Group JOURNALISTS: 1 800 666 3506 Client Service: 1 212 553 1653 Ceres Lisboa Associate Managing Director Financial Institutions Group JOURNALISTS: 0 800 891 2518 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). 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