Fitch Ratings confirmed the national long and short-term ratings of Bolsa de Valores de Colombia S.A. (bvc) in ‘AAA (col)’ and ‘F1+ (col)’, respectively. The long-term rating outlook is stable. Fitch’s key Ebitda indicator of operating income of 29.3% in September 2020, remained within its historical average of around 30% during the last five years, thanks to the stability provided by non-transactional income. Under its projection scenario, BVC expects to gradually increase this indicator to 43%, which, in Fitch’s opinion, is consistent with the changes to its business model and the diversification and recurrence of its income. Fitch’s key metric, Gross Debt to Ebitda, historically remained below 0.5 times (x), while its 70% dividend policy prioritizes the entity’s investment needs.