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Loss ratios for most of the rated insurers were up due to a higher cost of claims.

The concessions expect to receive their payments between May and June 2023, according to the big three rating agency.

The lower underwriting of both annuities and pension insurance will reduce premiums and pressure earnings of insurers with exposure.

Telefónica Movistar is the second largest telecommunications operator in Colombia, offering mobile, fixed & B2B services.

Movistar is a major wireless communications brand in Colombia, owned by Telefónica.

Fitch highlighted the company's linkage to the Republic of Colombia, which currently owns 88.5% of the voting shares, as well as the strategic importance of the company for the country.

Fitch views EPM's corporate governance as weak due to the strong influence exerted by the company's owner, the City of Medellin. EPM has an ESG Relevance Score of '4', which reflects the company's recent instability in board membership and indicates that the score has a negative...

The sovereign downgrade reflects the deterioration of the public finances with large fiscal deficits in 2020-2022, a rising government debt level, and reduced confidence around the capacity of the government to credibly place debt on a downward path in the coming years.

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