Fitch Ratings has granted “BBB-” Issuer Default Rating (IDR) status to Colombia’s largest holding company, Grupo de Inversiones Suramericana (GIS), the company announced Tuesday.
The rating was given to the company because of appropriate diversification of its investment portfolio, a competitive position in the regional market, the role played by the company in its investment policy, and its high corporate governance standards, among other things.
GIS President David Bojanini said the rating “will attract foreign investment and bring down their debt issues”.
On Tuesday President Bojanini also announced the company’s plans to concentrate investments in Central America in 2011.
The Colombian-based business consortium, which received a net income of $696,266 million in 2010, is composed of shares in the South American insurance company, the Bancolombia Group, Grupo Nacional de Chocolates, Argos cement, Colinversiones energy, Operational Liaison and the pension and unemployment fund Proteccion.