S&P Global Ratings raised Avista's long-term rating to 'coAA+' with a positive outlook following the complete takeover.
Grupo Cibest completed the 100% acquisition of payroll-lending specialist Avista in August, prompting S&P Global Ratings to lift Avista's credit ratings. The rating agency raised Avista's long-term issuer rating from 'coA' to 'coAA+' and its short-term rating from 'A-1' to 'A-1+'. It also revised the outlook from stable to positive.
The upgrade reflects the corporate backing Avista now receives as part of Grupo Cibest, alongside its strategic role within the group's operations in Colombia. S&P stated that the deal allows Avista to diversify funding sources, lower creditor concentration, and broaden access to long-term funding with potentially lower funding costs compared to its peers. Avista focuses its business on payroll-deductible loans for pensioners, seniors, and salaried workers.
Nuestro principal objetivo sigue siendo ampliar el acceso a soluciones financieras para personas pensionadas, adultos mayores y trabajadores, manteniendo criterios de responsabilidad y gestión del riesgo. Este contexto nos permite seguir avanzando en ese propósito y fortalecer la relación de confianza que hemos construido con nuestros clientes
In addition to issuer ratings, S&P affirmed Avista's asset manager rating at 'coAAE2+' while upgrading its outlook from stable to positive. The agency highlighted Avista's loan origination and monitoring processes, technology and analytics tools, internal controls, and risk management mechanisms.
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