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No ha sido posible encontrar el informe hecho por S&P. Éste fue el comunicado de prensa de S&P:

MEXICO CITY (Standard & Poor's) May 4, 2011--Standard & Poor's Ratings Services said today that it assigned its 'BBB-' long-term corporate credit rating to Colombia-based operating holding company Grupo de Inversiones Suramericana S.A. (GRUPOSURA).

At the same time, we assigned a 'BBB-' rating to GRUPOSURA's proposed senior unsecured notes of up to $300 million due 2021, which are to be issued by Gruposura Finance, a special-purpose entity and wholly owned subsidiary of GRUPOSURA created solely to issue the notes.

"The ratings on GRUPOSURA reflect the company's portfolio quality, which includes publicly listed, leading companies in Colombia, most of them having investment-grade profiles, in industries with positive growth prospects," said Standard & Poor's credit analyst Laura Mart?nez. "The ratings also consider the company's position as the main shareholder in most of its subsidiaries, relatively low debt at the holding company, and adequate liquidity."

These factors are partially offset by the company's heavy reliance on dividends from a small number of subsidiaries, exposure to economic cycles in Colombia, and currency mismatch that will result from the proposed dollar-denominated notes.

We assess GRUPOSURA's business profile as satisfactory and its financial
profile as intermediate.

GRUPOSURA is to irrevocably and unconditionally guarantee, on a senior and unsecured basis, Gruposura Finance's payment obligations under the notes. The company intends to use proceeds from the issuance primarily to finance investments in strategic assets and for general corporate purposes.

A potential structural subordination of the proposed bond relative to the company's subsidiaries' priority claims is mitigated by GRUPOSURA's portfolio value compared with its relatively low debt leverage at the holding-company level. This is reflected in a loan-to-value (LTV) ratio of less than 5%.

The stable outlook reflects our base-case assumption that GRUPOSURA's received dividend stream will keep increasing by at least the rate of inflation in the next few years, and that during 2011 the company will fund part of its future investments with debt, and keep a net debt to operating cash flow and total cover ratio of less than 1.0x and about 1.7x, respectively.