Moody’s affirms Sura Asset, withdraws SUAM

Moody’s Investors Service said it affirmed Sura Asset Management, SA's Baa1 long-term issuer and backed senior unsecured ratings.

The outlook is stable.

The affirmation follows Sura Asset Management's decision to merge its Curaçao-domiciled wholly owned financing subsidiary SUAM Finance BV into Sura Asset Management, the agency said.

Moody's withdrew the ratings on SUAM Finance.

The company's decision to merge SUAM Finance was due to changes in Colombian fiscal regulation which now allows direct debt issuances in Colombia with no tax restrictions, Moody’s said.

As a consequence of the merger and considering that the debt of SUAM Finance was assumed by Sura Asset Management since the offering, the agency said it does not consider any impact in Sura Asset Management's credit profile.

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