Moody’s highlighted SURA Asset Management’s financial performance and maintained its credit rating

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  • This rating agency highlighted the amount of Assets Under Management held by the Organization, mainly due to the fact that it is the largest private pension fund manager in Latin America.
  • According to the corresponding ratings report, the stable outlook given reflects SURA Asset Management's ability to maintain a leadership position in most of the countries where it operates.
  • The decrease in its  total debt going from USD 1,002 million (December 2020) to USD 927 million (March 2021) earned a special mention, in addition to the Company´s debt service capabilities and good levels of cash flow.

The risk rating agency Moody's maintained SURA Asset Management's credit rating at Baa1 with a stable outlook, amid a challenging environment in Latin America since all countries are experiencing complex financial situations given the COVID-19 pandemic

“This rating from Moody's is a vote of confidence in our work as investment managers. We continue to maintain a sound financial position, thanks to the good levels of operating performance from our different lines of business as well as the savings, liquidity and hedging strategy achieved over recent years  Historically, we have built up our business from the sustainability perspective, which has led us to design financial management strategies in order to be prepared for situations such as those we are experiencing today," explained Ignacio Calle Cuartas, Chief Executive Officer of SURA Asset Management.

In its ratings report released on June 22, Moody's highlighted the strength of the Company´s business model as an asset manager, which has allowed it to maintain a competitive advantage and an outstanding presence in Latin America.

This is particularly relevant, as SURA Asset Management is the largest private pension fund manager in the region with more than USD 153 billion of Assets Under Management (AUM) at year-end 2020, 6% more than in at the end of the previous year, in spite of the effects of the pandemic.

Moody´s also made particular mention of the Organization´s number of clients, as one of its credit strengths, which came to almost 20 million in Mexico, Colombia, El Salvador, Peru, Chile and Uruguay. This is supported by a strong recovery and growth outlook in Latin America.

 

About SURA Asset Management
SURA Asset Management is an expert player in the pension, savings, investment and asset management sectors, with a presence in Chile, Mexico, Colombia, Peru, El Salvador and Uruguay. It is a subsidiary of Grupo SURA, with other minority shareholders. At year-end 2020 SURA Asset Management held a total of USD 153 trillion in assets under management belonging to 20.6 million clients throughout the region.

* Client and AUM data includes AFP Protection in Colombia and AFP Crecer in El Salvador, where SURA AM holds a significant but not a controlling stake.