Fitch upgrades Grupo Sura to BBB

Fitch Ratings said it upgraded Grupo de Inversiones Suramericana SA's (Grupo Sura) long-term foreign and local currency issuer default ratings to BBB from BBB-.

The outlook is stable.

Fitch said the upgrade takes into consideration the consolidation of both Grupo Sura's diversification and the quality of its dividends flow. Sura Asset Management (SUAM) and Bancolombia are the two largest sources of cash flow to the holding company, which are expected to account for 69% of the dividends received by Grupo Sura in 2015. Fitch rates both issuers BBB+.

The upgrade also reflects the company's track record of balancing its aggressive growth strategy with an adequate capital structure and its ability to deleverage post acquisitions, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.