Seguros De Vida Suramericana And Seguros Generales Suramericana Outlook Revised To Negative On Same Action On Colombia

On March 26, 2020, S&P Global Ratings revised its outlook on its 'BBB-' long-term foreign currency issuer rating on Colombia to negative from stable. The recent drop in oil prices, compounded by the negative global impact of COVID-19, has weakened Colombia's external profile through lower export earnings and a wider current account deficit, and heightened concerns about its economic growth prospects. As result, we're taking the same action on our 'BBB-' rating on Suramericana's Colombian operating insurers because sovereign ratings act as a constraint on the subsidiaries' credit quality. The negative outlook on the domestic insurers mirrors that on Colombia, which indicates our view of downside risks to Colombia's fiscal and external metrics over the next 18 months. We have

...March 30, 2020 - On March 26, 2020, S&P Global Ratings revised its outlook on its '###-' long-term foreign currency issuer rating on Colombia to negative from stable. The recent drop in oil prices, compounded by the negative global impact of COVID-19, has weakened Colombia's external profile through lower export earnings and a wider current account deficit, and heightened concerns about its economic growth prospects. - As result, we're taking the same action on our '###-' rating on Suramericana's Colombian operating insurers because sovereign ratings act as a constraint on the subsidiaries' credit quality. - The negative outlook on the domestic insurers mirrors that on Colombia, which indicates our view of downside risks to Colombia's fiscal and external metrics over the next 18 months. - We have affirmed our ratings on the insurers at '###-'. MEXICO CITY (S&P Global Ratings) March 30, 2020--S&P Global Ratings revised its outlook on the issuer credit and financial strength ratings on Seguros...

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