Fitch Ratings on Jan. 15 assigned AAA(col) long- and F1+(col) short-term national ratings to Bolsa de Valores de Colombia SA, with a stable outlook on the long-term rating.
The ratings reflect the Colombian stock exchange's strong franchise as well as its diversified and vertically integrated business model, Fitch said. The ratings also factor in the bourse's adequate operational risk framework, robust technological infrastructure, high profitability and low leverage strategy.
Fitch likewise considers the counterparty risk stemming from the operations of subsidiary Cámara de Riesgo Central del Contraparte SA to be limited, as the entity does not consolidate with the BVC. The exposure is adequately managed given the existence of guarantee funds and a clearly defined backup plan by CRCC. The bourse also does not commit capital in case of an extreme event, Fitch said.
Bolsa de Valores de Colombia holds a 32.32% stake in Cámara de Riesgo Central del Contraparte, according to S&P Global Market Intelligence data.