Fitch trims Grupo Sura

Fitch Ratings said it trimmed Grupo de Inversiones Suramericana SA's long-term foreign-currency and local-currency issuer default ratings to BB+ from BBB-. The agency also downgraded Grupo Sura's senior unsecured notes to BB+ from BBB-.

“The rating actions reflect Fitch's review of Grupo Sura's average credit quality of its dividend income streams following recent rating actions affecting Grupo Sura's investment portfolio,” Fitch said in a press release.

“Fitch forecasts Grupo Sura's received dividends in 2021 to be around $200 million, compared with $302 million in dividends in 2019 and $305 million during 2020. Fitch anticipates a recovery in Grupo Sura's dividends received during 2022-2023,” the agency added.

Fitch also revised the outlook to stable from negative, which it said reflects the view the company will stabilize net leverage metrics toward 2022-2023, and keep healthy liquidity levels.

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