Due to the consistency in the execution of the Standard & Poor's Global strategic plan, through BRC Ratings, Grupo Argos' credit rating has been reaffirmed at AAA.

• The rating took into account the fulfillment of the strategic announcements reported by Grupo Argos to the market over the past years, which have resulted in sustained growth of operational margins, greater financial flexibility, and structural solidity, even in a challenging macroeconomic environment. 
• BRC Ratings positively evaluated the compliance with the Framework Agreement through which Grupo Argos divested from Grupo Nutresa, enabling the organization to further deepen its vision as an infrastructure asset manager.

BRC Ratings, a subsidiary of Standard & Poor’s Global, confirmed Grupo Argos’ issuer rating of AAA, the long-term debt rating of the Ordinary Bonds as AAA, and the short-term debt rating for the company’s commercial papers as BCR1+.

This result comes within the framework of the materialization over the past years of a series of strategic announcements, including the closing of the Framework Agreement for Grupo Argos’ divestment from Grupo Nutresa, progress in share buyback plans that currently exceed COP 300 billion and have allowed for the recovery in the market capitalization of Grupo Empresarial Argos by around COP 16 trillion in the last year, the reduction to double-digit levels of both the consolidated and separate net debt of the company, the asset combination between Argos USA and Summit Materials representing a capital influx of USD 1.2 billion and a 31% stake in this company listed on the New York Stock Exchange, the consolidation of infrastructure asset platforms in partnership with Macquarie Asset Management, and Celsia’s entry into Peru with the Caravelí wind project, among other initiatives.

Grupo Argos has demonstrated its ability to consistently execute a defined strategic vision, resulting in strengthened operational margins across its businesses and outstanding financial performance. In 2023, the company recorded a separate net profit growth of 128%, positioning it strategically to continue growing as an infrastructure asset manager.”

Alejandro Piedrahita
Vice President of Strategy and Corporate Finance

From a capital structure perspective, during 2023 Grupo Argos managed to decrease its consolidated net debt/EBITDA ratio to 2.0 times, reducing its consolidated net debt by 16% compared to the previous year’s figure. Meanwhile, in the separate account, the reduction amounted to 37%.