Moody’s Maintains Sura Asset Management at Baa1

Moody’s Investors Service has completed a periodic review of the ratings of Sura Asset Management, S.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody’s reassessed the appropriateness of the ratings in the context of the relevant principal methodologies, recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee.

Sura Asset Management Baa1 issuer rating considers the company’s solid business model and dominant presence in the private pension fund industry in Latin America. The rating reflects Sura Asset Management substantial Asset Under Management (AUM) base which is more than twice the size of its closest competitor in the region. Further, the Baa1 rating is based on the company’s relatively solid financial position as well as its relatively low operational leverage. Sura Asset Management’s strong market position is also supported by the region’s demographic trends. However, the rating also incorporates the company’s limited geographic and product diversification as well as the challenging economic dynamics and operating environments in some of the countries in which Sura Asset Management operates.