GrupoSura’s Share Sale Seen Easing Ratings Pressure

Jul 29, 2011

Colombia’s Grupo de Inversiones Suramericana (GrupoSura) is targeting October for an up to $2.1bn equity follow-on to partially fund the recent acquisition of ING’s LatAm assets and to help it avoid any potential downgrade that could result from the purchase, say bankers. On Wednesday, the company’s bond dipped about a point after S&P put its BBB minus rating on negative watch. The agency said that incremental indebtedness from the transaction could hurt the company’s credit...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management