Grupo de Inversiones Suramericana S.A. hereby announces that Fitch Ratings reported its downgrade of the Company’s long-term international rating from "BBB" to "BBB-" while maintaining the negative outlook for its international ratings. In view of this decision, Grupo SURA would like to clarify the following points:
- This rating is exclusively of an international nature. No action was taken on the Company’s long and short-term rating on the Colombian market, this remaining at "AAA", with a stable outlook, which is the highest rating awarded on a national scale.
- As explained in the corresponding report, this decision followed the recent downgrade of SURA Asset Management's (SURA AM) international rating from "BBB” to "BBB-", for which a negative outlook was awarded.
- As reported on Monday's quarterly earnings conference call, the Company has sufficient resources to meet its various future cash requirements. In this regard, early measures were taken to ensure the funds for covering the upcoming maturity of the Company’s international bonds, this amounting to USD 300 million, which the Company currently has available.
- Senior Management shall continue with its efforts to maintain sufficient liquidity ratios while making headway with its deleveraging plan.