Companies

Update: Grupo Sura Debt Downgrade Added to That of EPM, ISA, UNE-EPM, Isagen, City of Medellin

Medellin Herald July 6, 2021

Wall Street bond rater Fitch Ratings announced July 20 that it has added Medellin-based multinational financial/insurance giant Grupo Sura and banking giant Bancolombia to a growing list of Colombian companies and municipalities suffering debt-ratings downgrades because of Colombia-wide

Colombian economy

Colombia’s Short-Term Debt Ratings Suffer Downgrade, but Outlook Improves to ‘Stable’

Medellin Herald July 2, 2021

Wall Street bond rater Fitch Ratings announced last night (July 1) that it has downgraded Colombia’s “Long-Term Foreign-Currency” (LTFC) and local currency “Issuer Default Ratings (IDR)” to ‘BB+’ from ‘’BBB-,’’ but Colombia’s debt outlook is now revised to “stable,” up from the prior rating of “negative.” “The [LTFC] downgrade reflects the deterioration of the

Infrastructure

‘Magdalena 2’ Connecting Medellin to ‘Ruta del Sol’ Highways Wins US$740 Million Finance

Medellin Herald June 30, 2021

Colombia’s infrastructure agency (Agencia Nacional de Infraestructura, ANI) announced today (June 30) that the “Magdalena 2” project linking Medellin northward to the “Ruta del Sol” highways just won a COP$2.8 trillion (US$740 million) loan deal organized by Colombian coordinator Financiero de Desarollo Nacional (FDN). The loan deal for ANI’s “Magdalena 2” concession

Companies

AkzoNobel Acquires Medellin’s Grupo Orbis, Pintuco Paints

Medellin Herald June 30, 2021

Netherlands-based multinational paints-and-chemicals giant AkzoNobel announced June 29 that it just inked a deal to acquire Medellin-based multinational paints, piping and hardware giant Grupo Orbis. Deal completion “is subject to regulatory approvals and is expected by end of this year or in early 2022” — but financial details have yet to be disclosed, according to

Health & Insurance.

Colombia Covid-19 Vaccinations Will Cover 35 Million People by December 2021

Medellin Herald June 30, 2021

Colombia Health Minister Fernando Ruiz announced today (June 30) that because of acceleration in Covid-19 vaccination rates, Colombia is likely to achieve its stated goal of having its 35 million most-vulnerable-people fully vaccinated by December 2021. “We see an important growth in daily vaccinations, having started with an average of less than 50,000 per day […]

Companies

Sura to Manufacture Covid-19 Vaccines by 2023

Medellin Herald June 30, 2021

Medellin-based multinational health-care and insurance giant Grupo Sura announced June 29 that it’s investing US$54 million in biotech researcher VaxThera in a project aiming to produce Covid-19 vaccines in Colombia by 2023. “VaxThera advances the development of vaccines such as Coronavirus, dengue, Chikungunya, yellow fever, influenza and Zika,” according to Sura. A new,

Health & Insurance.

Colombia Nears 17 Million Covid-19 Vaccinations; Antioquia at 2.4 Million; Medellin at 1.1 Million

Medellin Herald June 24, 2021

Colombia Health Minister Fernando Ruiz announced this morning (June 24) that Colombia has now exceeded 16 million Covid-19 vaccinations — and is averaging close to 300,000 daily, making its 17-million total-vaccinations-target by end-June likely a certainty. Of those 16 million nationwide vaccinations, 5.4 million are second shots – as required by almost all the

Colombian economy

Colombia’s Top Economic Think-Tank Sees 7% GDP Growth This Year

Medellin Herald June 18, 2021

Fedesarrollo – Colombia’s leading economic think-tank – announced June 17 that it has revised upward its previous GDP (“PIB” in Spanish initials) growth forecast to 7.2% for full-year 2021, up from a prior estimate of 4.8% growth. “The increase in the growth forecast is due to higher growth in the first quarter of this year […]

Infrastructure

Pacifico 1 Wins US$150 Million Finance Package to Complete Crucial Medellin-Southwest Antioquia Highway

Medellin Herald June 16, 2021

Medellin-based highway construction consortium Covipacifico announced June 15 that it just won confirmation of a US$150 million financing package for its “Pacifico 1” highway project. The financing will guarantee completion of the COP$2.6 trillion (US$704 million), 50-kilometers-long “Pacifico 1” project between the southern Medellin suburb of Caldas and a new

Companies

Grupo Sura Posts COP$211a Billion Profit in 1Q 2021, Big Reversal from Net Loss in 1Q 2020

Medellin Herald June 15, 2021

Medellin-based multinational insurance, health-care and financial services giant Grupo Sura announced May 14 a COP$211 billion (US$57 million) net profit for first quarter (1Q) 2021, compared to a COP$76 billion (US$20.6 million) net loss in 1Q 2020. The big change “was mainly the result of the devaluation of the markets in the region” last year, […]