Fitch Ratings affirmed Grupo Argos' AAA rating with a stable outlook, highlighting the company's liquidity and financial strength as key supports for its management

• Among the factors considered by the rating agency are the simplification and specialization of Grupo Argos’ investment portfolio, the stable flow of dividends, and its debt metrics.
• Fitch also highlighted the positive effects expected from the transaction through which Grupo Argos and Grupo Sura will unwind their cross-shareholdings, as well as the recent divestment of Cementos Argos’ stake in Summit Materials.
• The rating is supported by the solid operating performance of Grupo Argos’ businesses, which, excluding non-recurring effects, allowed the company to close the first quarter of the year with a consolidated net income of COP 246 billion, representing a 236% increase, and a separate proforma net income of COP 144 billion, up 121%.

This Friday, May 16, Fitch Ratings affirmed Grupo Argos’ long- and short-term national ratings at AAA(col) and F1+(col), respectively, maintaining a stable outlook. The rating underscores the company’s strong financial capacity, backed by a solid capital structure and a robust liquidity position.

Fitch highlighted as key strengths the stable dividend generation from Grupo Argos’ operating businesses and the expectation of maintaining a standalone gross debt to adjusted EBITDA ratio below 2.5x. Grupo Argos anticipates closing the year with a standalone net debt to assets (LTV) ratio below 10%, in line with the expected reduction in standalone debt, which is projected to close 2025 at approximately COP 1.2 trillion.

This rating coincides with Grupo Argos’ strong financial performance reported for the first quarter of 2025, during which, excluding non-recurring effects, the company posted standalone net income of COP 144 billion, representing a 121% year-over-year increase.

Among other strategic moves, Fitch Ratings also highlighted the positive effects expected from the completion of the transaction through which Grupo Argos and Grupo Sura will unwind their cross-shareholdings. This transaction involves the distribution of more than COP 10.8 trillion in Grupo Sura shares to Grupo Argos shareholders. The specialization of the investment portfolio in infrastructure and construction materials businesses represents significant benefits for Grupo Argos, its shareholders, and the Colombian capital markets.

This rating also adds to the one recently affirmed by BRC Ratings – S&P Global, which confirmed the AAA rating (the highest on the local scale) for Grupo Argos as issuer and for its ordinary bond program. Additionally, the agency reaffirmed the BRC 1+ rating for its commercial papers, the highest level for short-term debt.