Fitch affirms Gruposura

Fitch Ratings said it affirmed Grupo de Inversiones Suramericana SA's (Gruposura) foreign-currency issuer default rating at BBB-, local-currency issuer default rating at BBB-, 250 million Colombian pesos of local unsecured bonds due 2019-49 at AAA(col) and 250 million Colombian pesos of commercial papers due 2012 at F1+(col).

The agency also said it affirmed wholly owned special purpose vehicle Gruposura Finance's foreign-currency issuer default rating at BBB-, local-currency issuer default rating at BBB- and $300 million of senior unsecured bonds due 2021 at BBB-.

The outlook is stable.

These affirmations follow news that the company signed an agreement to acquire ING's Latin American pensions, life insurance and investment management operations for about €2.62 billion.

The ratings continue to reflect the strong underlying credit profiles of the Gruposura's investment portfolio and adequate business diversification of its portfolio, Fitch said.

The agency also said it considered Gruposura's diversified and reliable liquidity sources.

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