Fitch Ratings confirms its confidence in Odinsa with the affirmation of its ratings AA- (Col)
Stable Outlook and F1 + (Col).
• Fitch, one of the three main risk rating agencies in the world, confirmed the rating of
Odinsa and of the issuance of its ordinary bonds.
• The agency highlighted the company’s extensive experience in project development and
optimization of its capital structure, among other factors.
• The presence of Grupo Argos as Odinsa’s controlling shareholder was evaluated by Fitch
very positively as a key factor for the rating.

Medellín, June 2021, Odinsa, a Grupo Argos concession company, received from Fitch
Ratings the ratification of its long and short-term national scale ratings of ‘AA- (col)’ with
a Stable Outlook and ‘F1 + (col ) ‘, respectively. Likewise, the ratings of the issuance of its
ordinary bonds for COP400,000 million and COP280,000 million in ‘AA- (col)’.
“We are pleased to receive these statements that become a seal of confidence for the
market and investors, recognize our management and adaptation capacity and motivate us
to continue contributing to the competitiveness of the country,” said Mauricio Ossa,
president of Odinsa.
According to the Fitch Ratings report, the ratings consider Odinsa’s extensive experience in
the development of infrastructure projects inside and outside of Colombia; its focus on
long-term concessions and, especially, strengthening its capital structure, with the effective
execution of the optimization strategy in several of its concessions.
Additionally, the agency highlighted as key factors for the rating: the presence of Grupo
Argos as a controlling shareholder, its balanced concessions portfolio with participation in
projects in different stages of maturity, its positive prospective cash flow and its ability to
manage its structure of capital despite the impacts generated by the pandemic.
About the qualifications
The AA- rating, granted to Odinsa, is a long-term national credit rating. It belongs to the first
category, in which there are debt issues with greater certainty about their ability to pay,
that is, issues that are very attractive to investors, who see Fitch’s opinion as an important
benchmark for decision-making.

Relevant Information
F1 (Col) is a short-term national credit rating. Indicates the strongest capacity for timely
payment of financial commitments in relation to other issuers or obligations in the same
country. In Fitch’s National Rating scale, this rating is assigned to the lowest default risk
compared to others in the same country. When the liquidity profile is particularly strong, a
“+” is added to the assigned rating.
For additional information contact:
Juliana Bermúdez, communications analyst / JulianaBermudez@dattis.com / 301 337 09
17
Viviana Arroyave, Director of Communications / varroyave@odinsa.com / 317 646 92 18
Visit the website www.odinsa.com
Go to https://www.fitchratings.com/es/region/colombia

Fitch published the technical document that supports the long and short-term
national scale ratings of Odinsa S.A. Fitch Ratings affirmed the long and short-term
national scale ratings of Odinsa S.A. (Odinsa) in ‘AA- (col)’ with Stable Perspective
‘F1 + (col)’, respectively.