Fitch Ratings withdrew the investment administration quality rating from Fiduciaria de Occidente due to a partial spin-off approved in 2025 that transferred its activities to Aval Fiduciaria. However, the ratings for the funds managed by the entity remain in effect, and Aval Fiduciaria retains its 'Excelente(col)' rating. Additionally, BRC Ratings granted an initial AAA rating for portfolio administration quality.
Colombia's Superintendencia Financiera approved a partial spin-off of Grupo Aval's fiduciary activities in 2025 through Resolution No. 1777 dated September 23, executoriada on October 10 of the same year. This operation allowed Fiduciaria Bogotá, Fiduciaria de Occidente, and Fiduciaria Popular to transfer all their fiduciary businesses to Aval Fiduciaria, including collective investment funds, assets, liabilities, and associated contractual positions, without dissolving or liquidating.
The process was formalized in public deed No. 2.647 on December 19, 2025, and registered on January 1, 2026, in the Chambers of Commerce of Bogotá and Cali. Starting January 2, 2026, Aval Fiduciaria took over all third-party asset management businesses from the holding, consolidating operations into a single specialized platform.
As a result, Fitch Ratings withdrew the investment administration quality rating from Fiduciaria de Occidente S.A. (Fiducioccidente). However, the ratings for the funds it managed remain in place: 'S1/AAAf(col)' for the Open Collective Investment Fund without Permanence Pact Occitesoros, and 'AAAf(col)' for the Closed FIC Occicredol. Fitch confirmed that Aval Fiduciaria retains its 'Excelente(col)' rating, reflecting continuity in administration standards post-reorganization.
Meanwhile, BRC Ratings, from S&P Global, assigned Aval Fiduciaria an initial AAA rating for portfolio administration quality. The decision is based on the company's management quality and strategy, aligned with the economic group and supported by directors with extensive experience in the fiduciary sector. 'Aval Fiduciaria has officials with extensive experience in the fiduciary sector and specialized knowledge in asset management, mostly acquired within Grupo Aval entities,' stated the rating agency. It highlights the development of commercial and operational synergies, with controlled rotation levels in the early years to preserve technical knowledge.
