• The risk rating agency made special mention of the amount of Assets Under Management held by the Organization, being largest private pension management firm in Latin America.
• According to the corresponding ratings report, the stable outlook issued reflects SURA Asset Management's ability to sustain its leadership position in most of the countries where it operates.
• Another important factor was the reduction in the Company´s overall indebtedness which went from USD 1,002 million at year-end 2020 to USD 927 million in Q1 2021; this combined with an adequate capacity to pay its obligations and a good cash flow.
The rating agency, Moody's, upheld its Baa1 credit rating for SURA Asset Management, for which it issued a stable outlook amid a challenging environment for all Latin American countries faced with complex financial situations following the Covid-19 pandemic.
"This latest rating from Moody's is a vote of confidence in our work as investment managers. We maintain a sound financial position thanks to continued good levels of operating performance from our different businesses, along with the savings, liquidity and hedging strategies that we have implemented over the last few years. Historically, we have built up our business based on our ongoing focus on sustainability, which in turn has led us to design strategies from a financial management standpoint so that we are well-prepared to tackle situations like the ones we are experiencing today ”, stated Ignacio Calle Cuartas, CEO of SURA Asset Management.
In the corresponding ratings report issued on June 22, Moody's highlighted the strength of the Organization's business model as an asset management organization, which has allowed it to maintain a competitive advantage and an outstanding presence throughout Latin America.
This is a particularly important factor, since SURA Asset Management is the largest private pension fund management firm on the continent, which, in addition to tailoring investment solutions for its client base of more than 20 million, represented, at year-end 2020, more than USD 153 trillion of Assets Under Management (AUM), that is to say, 6% higher compared to year-end 2019, in spite of the COVID-19 pandemic.
The rating agency also made special mention of the Organization's credit strengths namely its extensive client base, which now total close to 20 million in Mexico, Colombia, El Salvador, Peru, Chile and Uruguay. This is also substantiated by the strong prospects that Latin America is now showing, in terms of its continued recovery and growth.