Fitch Ratings Colombia S.A. SURA Asset Management maintains 'BBB' rating with stable outlook

Fitch Ratings Colombia S.A. SURA Asset Management maintains 'BBB' rating with stable outlook
  • The rating agency takes as a basis the Company's solid profitability, conservative risk profile, consistent investment performance and service indices to determine the rating.
  • The recognition reflects SURA Asset Management's robust business portfolio, leading regional footprint, and solid financial profile.
  • The Fitch Ratings classification is related to the recent financial results issued by SURA Asset Management which demonstrate a solid position in this matter in 2023.

Medellín, March 6, 2024 - Fitch Ratings reaffirmed the long-term local and foreign currency issuer default risk (IDR) ratings of SURA Asset Management S.A. at 'BBB', with a stable outlook. This rating refers to the protection of interest payments and the adequate payment capacity of the Company and its subsidiaries to their clients, in addition to highlighting its solid track record in the design and execution of its strategy.

The BBB ratings on local and foreign currency IDRs mean that SURA Asset Management has solid profitability, a conservative risk profile, a consistent investment performance and debt service ratios that are aligned with its category. Additionally, the ratings obtained are influenced by its international operations and portfolio diversification, solid financial results and stable trust with investors. The environments, regarding the discussions that are taking place on pension reforms, were also considered when granting these qualifications.

Regarding this, Carlos Oquendo, Financial Vice President of SURA Asset Management stated: “Maintaining the BBB rating with a stable outlook demonstrates the management we have been carrying out together with our workforce to maintain positive results in challenging environments. For example, we managed to have the lowest leverage level in recent years, with the Debt/Ebitda indicator that closed in 2023 at 1.5x, below the target range (2.5x - 3.0x). This allows us to face in 2024, from a solid financial position, the refinancing of the bond that we issued in 2014 for 500 million USD.”

This rating places SURA Asset Management one level above the Sector Risk Operating Environment and two levels above Colombia's sovereign rating (BB+/Stable).

SURA Asset Management’s score, delivered in the rating agency's report, is based on the evaluation of several categories in which the following stand out: Robust Risk Profile, Adequate long-term strategy, Stable flow of managed assets, Solid financial performance, and Comfortable Debt Service.

 Edelman press contact:
Andrea de la Torre, Edelman Colombia
Tel. 310 2104026
[email protected]