Group's strong competitive position thanks to its good brand recognition, well-diversified income sources, and stable operating performance. Stable capital adequacy levels over time, although they're below our 'BBB' category benchmark, per our capital model. Good access to external sources of capital and liquidity and the ability to cover debt service. Investment portfolio concentration in securities issued by the local financial sector and exposure to non-investment grade bonds. Insurance operations based mostly in Colombia, which constrains the group's business risk profile and subsidiary's final rating. Our ratings on Seguros Generales Suramericana S.A. (Seguros Generales Suramericana) reflect its core group status to the Colombia-based insurance group Suramericana S.A., which retains a 'bbb-' group credit profile (GCP). The GCP benefits from a strong
