Fitch Ratings ratifies Grupo Argos as a AAA issuer, the highest rating given to Colombian companies

25 June 2020
  • Fitch Ratings highlighted the solid capital structure, as well as the stability and strength of dividends flow of Grupo Argos, as a result of its selective and profitable growth strategy for value maximization.
  • Its leadership and influence over Cementos Argos, Celsia, and Odinsa’s strategy were one of the key factors that Fitch Ratings considered to maintain the maximum credit rate for the company.
  • Grupo Argos’ strategy has allowed the company to grow from COP 27 trillion in consolidated assets and COP 6.7 trillion of revenues in 2012 to COP 56 trillion in consolidated assets and revenues of COP 16.7 trillion in 2019..

Fitch Ratings maintained Grupo Argos’ short- and long-term ratings at AAA (col) and F1+(col), with a stable outlook. One of the key factors of the rating is the company’s investment portfolio strength, which includes companies with low-risk ratings and adequate sector and geographical diversification, in addition to its growth strategy, which has demonstrated access to capital markets with the issuance of equity and debt that has enabled significant M&A operations in the past years.

The rating also considered the organization’s ability to maintain and manage a sturdy investment portfolio, composed mostly by companies listed in the Colombia stock exchange market, which reflects a low relationship between debt and the value of the portfolio, guaranteeing financial flexibility, something very relevant in the current situation.

“This rating is a reward for the consistent execution of Grupo Argos’ strategy and its consolidation as an infrastructure asset manager with an articulated and strategic portfolio in three large companies such as Cementos Argos, Celsia and Odinsa. This achievement keeps us optimistic about the future and encourages more than 14,000 employees to continue working with dedication in the multiple geographies where we serve”.

Jorge Mario Velásquez


This achievement was received while Grupo Argos maintains its commitment to sustainable and comprehensive management in all its businesses and operations, as an essential part of its strategy. In 2019, Grupo Argos was recognized by the Dow Jones Sustainability Index as the world’s most sustainable company in its sector for the third consecutive year.