Seguros Generales Suramericana S.A.

The stable outlook on Seguros Generales Suramericana (Sura Generales) for the next 12 months reflects the outlook on Colombia. The rating on the insurer will move in tandem with that on the sovereign because we don't believe the Suramericana group could withstand a sovereign default scenario, given the group's large asset concentration in the country. The stable outlook also incorporates our expectation that the group will maintain its credit fundamentals and level of support to its core subsidiaries. We could downgrade the insurer if we downgrade Colombia, which is not part of our base-case scenario for the next 12 months given the stable outlook on the sovereign. In addition, we don't expect to downgrade the insurer on changes in the

... S.A. continues to benefit from the Suramericana group's support. We view the insurer as a core subsidiary of the Suramericana group (Suramericana). As a result, we equalize our rating on the insurer with the group credit profile (GCP), which is currently '##+'. The long-term foreign currency rating on Colombia (##+/Stable/B) limits the GCP because we don't believe the group could withstand a sovereign default scenario, as it still has large exposure to Colombia in the form of assets and premiums. We expect the Suramericana group's credit quality to remain stable in the next few years. The group has a '###' potential GCP, which reflects a strong competitive position due to its brand recognition, well-diversified income sources, and satisfactory profitability. In addition, capital adequacy prospects are reasonable, supported by good internal capital generation, moderate growth, and dividend payments. The potential GCP is our measure of...

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