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

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

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,

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 […]

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, […]

Companies

EPM Board Votes to Sell its Stake in ‘UNE’ Telecom/Internet Venture

Medellin Herald May 26, 2021

Medellin-based utilities giant EPM announced last night (May 25) that its board of directors just voted to start the process of selling its minority stake in the “UNE-EPM” telecom-internet-cable TV company and the related “Inversiones Telco” company. UNE-EPM is a partnership between EPM and Spain-based multinational telecom provider Millicom. According to EPM, proceeds

Colombian economy

Colombia’s ‘Timely, Well-Coordinated Response’ to Covid-19 Wins IMF Kudos

Medellin Herald May 24, 2021

The International Monetary Fund (IMF) on March 23 issued a detailed economic/social report finding that the Colombian government is responding wisely to the Covid-19 crisis. “Colombia has been hit hard by the pandemic, but the policy response has been timely and well-coordinated,” according to the IMF official report. “Covid-19 has taken a severe social and […]

Companies

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

Medellin Herald May 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, […]

Companies

Construcciones El Condor Posts Net Loss for 1Q 2021, but Contract Resolution Could Result in Net Gain

Medellin Herald May 15, 2021

Medellin-based highway construction giant Construcciones El Condor on May 14 announced a COP$51 billion (US$13.8 million) consolidated net loss for first quarter (1Q) 2021 – but the loss could be reversed in a contract-dispute resolution proceeding. “The loss is generated by the negative results reported by the Vías de las Américas Concession for a value […]