Duff affirms AAA rating on Colfondos

Friday, May 14, 2004

Colombian credit ratings agency Duff and Phelps (DCR) has maintained its AAA financial strength rating on local pension fund manager Colfondos, the agency said in a statement.

The rating reflects Colfondos's structural and functional strength throughout its back, middle and front office operations as well as the company's efficient risk and investment management, DCR said.

DCR also took into account the support and international investment know-how Colfondos receives from parent US banking giant Citigroup (NYSE: C), which has provided the pension fund manager with added risk control of assets under management.

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Citigroup is one of the world's largest financial services companies with some 200 million customer accounts in more than 100 countries.

The group offers individual consumers, corporations, governments and institutions a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management.