Research Update: Seguros Generales Suramericana S.A. 'BBB-' Ratings Affirmed On Revised Criteria; Outlook Remains Stable

On July 1, 2019, S&P Global Ratings published its revised insurer and group rating methodologies. We're affirming our global scale financial strength and issuer credit ratings on Colombia-based Seguros Generales Suramericana at 'BBB-' because our credit analysis on the insurer remained the same under the revised criteria. Our ratings on Seguros Generales Suramericana reflect its core group status to Suramericana S.A., which has a 'bbb-' group credit profile (GCP). Suramericana's creditworthiness continues to benefit from its solid competitive advantages as the market leader in Colombia, its increasing business and geographic diversification, and its ability to generate earnings and build up capital. However, its capital adequacy and our IICRA still partially limit its credit profile. The stable outlook on Seguros Generales

...+ On July 1, 2019, S&P Global Ratings published its revised insurer and group rating methodologies. + We're affirming our global scale financial strength and issuer credit ratings on Colombia-based Seguros Generales Suramericana at '###-' because our credit analysis on the insurer remained the same under the revised criteria. + Our ratings on Seguros Generales Suramericana reflect its core group status to Suramericana S.A., which has a '###-' group credit profile (GCP). Suramericana's creditworthiness continues to benefit from its solid competitive advantages as the market leader in Colombia, its increasing business and geographic diversification, and its ability to generate earnings and build up capital. However, its capital adequacy and our IICRA still partially limit its credit profile. + The stable outlook on Seguros Generales Suramericana mirrors that on our foreign currency rating on Colombia, which constrains the group's credit profile and consequently the ratings on its core subsidiary....

Research Update