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 competitive position thanks to the group's solid operating performance that's in line with those of international peers, diversified sources of income, and positive brand recognition in Colombia. Adequate capitalization levels also support the GCP. We view Seguros Generales Suramericana as a core subsidiary to the Suramericana group, therefore we equalize our ratings on the subsidiary with the Suramericana GCP. We limit the GCP and ratings on the group's subsidiary at the sovereign rating because we don't believe it could withstand a sovereign default scenario
