KEEP IN MIND: On April 07, 2016, the press release was corrected as follows: In the financial obligation list, the scores for issuers ACE Fianzas Monterrey and Chubb de Mexico Compania
Afianzadora were changed to Baa1/Aa1. mx. Revised release follows.
Mexico, April 04, 2016– Moodys de M xico (Moodys) verified the international regional currency
(GLC) and national scale (NS) insurance coverage monetary strength (IFS) ratings
of 16 insurance coverage business in Mexico. The outlook of 14 insurance companies
stays steady, whereas the outlook of two insurance providers was changed
to steady from favorable. In the same score action, Moodys
kept the review for downgrade of MBIA Mexicos rating.
Please see a complete list of companies and ratings/outlooks listed below.
This portfolio-wide score action on the Mexican insurers follows
Moodys Investors Solutions outlook modification to negative on Mexicos
local-currency and foreign-currency A3 sovereign bond ratings
on 31 March 2016. (See news release titled Moodys modifications Mexicos
outlook to negative from stable; affirms A3 score).
Moodys said that the stable outlook on 16 Mexican insurance companies reflects that,.
despite the fact that a lot of insurance companies financial investment exposure to the sovereign is considerable,.
their financial strength ratings are well placed. Moreover,.
a prospective downgrade of the Mexican sovereign bond score is not most likely.
to put down pressure on the insurers credit profile.
Moodys notes that Mexican insurance companies broadly take advantage of really modest.
reliance on debt financing and financing and their liquidity positions are.
fairly strong, given good premium income streams and the relative.
lack of credit-sensitivity of insurance coverage premiums broadly.
The insurers likewise benefit from their success and from the internal.
capital generation that derivesoriginates from insurance underwriting, as.
well as financial investment activities. These factors to consider broadly support.
rating stability of the sector.
The following 14 insurance providers GLC and NS IFS scores were affirmed.
Their outlooks stay stable:.
– Afianzadora Aserta: Baa2/Aa2. mx.
– Afianzadora Insurgentes: Baa2/Aa2. mx.
– Afianzadora Punto Aserta: Baa2/Aa2. mx.
– Aseguradora Patrimonial DaÃ±os.: Ba1/A1. mx.
– Aserta Seguros Vida: Ba1/A1. mx.
– Chubb de M xico CompaÃ±Ãa de Seguros:.
– Coface Seguro de Cr dito M xico: Baa1/Aa1. mx.
– Dentegra Seguros Dentales: Baa3/Aa3. mx.
– Strategy Seguro: Baa3/Aa3. mx.
– Primero Fianzas: Baa1/Aa1. mx.
– Prudential Seguros M xico: Baa2/Aa2. mx.
– Royal and Sun Alliance Seguros: Baa3/Aa3. mx.
– Seguros Azteca DaÃ±os: Ba1/Aa3. mx.
– Seguros Azteca: Ba1/Aa3. mx.
The following insurers IFS scores have actually been affirmed, with outlooks.
revised to steady, from favorable:.
– ACE Fianzas Monterrey: Baa1/Aa1. mx.
– Chubb de M xico CompaÃ±Ãa Afianzadora:.
The rationale for the shift to a steady outlook for ACE Fianzas Monterrey.
and Chubb de M xico CompaÃ±Ãa Afianzadora shows.
that the favorable pattern observed in their credit profiles relative to.
other Baa1 credits is more than offset by the current unfavorable outlook.
on the Mexican sovereign, offered the companies direct financial investment.
exposure to sovereign and regional assets, in addition to their certain.
level of sensitivity to the financial cycle and other macroeconomic/financial trends.
in the nation.
MBIA M xico:.
MBIA M xicos scores are under evaluation for downgrade given.
that MBIA Mexicos ratings are based mostly on the explicit and implicit.
assistance provided by MBIA Insurance Corporation (MBIA Corp.,.
B3 IFS, review for downgrade). As such, MBIA Mexicos.
scores are anticipated to continue to be carefully linked to its moms and dad.
Amongst the elements that might result in a score downgrade for the 16 above.
mentioned insurance companies are: 1) a multi-notch downgrade of the.
Mexican sovereign bond rating; 2) degeneration of the countrys.
running environment; and 3) impairment in business possession.
quality, earnings or capital adequacy. Alternatively,.
elements that could result in an upgrade consist of improved capital adequacy.
and earnings metrics for insurers, in addition to an improvement.
in Mexicos operating environment and/or sovereign bonds.
In the case of MBIA Mexico, Moodys said that its ratings could.
be downgraded if developments associated with the Zohar transactions decrease.
MBIA Corp. s capital adequacy position and resultlead to the further.
stress on the business liquidity profile. Given the companys.
ratings are under review for downgrade, an upgrade is unlikely.
However, MBIA Mexicos ratings might be updated if MBIA Corps.
liquidity position enhanced materially or the outcome of the Zohar I bankruptcy.
proceedings point to a more beneficial result for MBIA Corp.
. The sources and products of info used to identify the ratings consist of.
September 2015 monetary declarations (source: ComisiÃ³n Nacional.
de Seguros y Fianzas (CNSF)) and year-end 2014 audited financial.
statements (sources: audited financial declarations offered by the.
The periodamount of time covered in the financial details used to determine.
the scores is between 31 December 2011 and 30 September 2015 (source:.
CNSF and insurance business).
The principal methodology used in score ACE Fianzas Monterrey,.
SA, Afianzadora Aserta, SA.
de CV, Afianzadora Insurgentes, SA.
de CV, Afianzadora Punto Aserta, S.
A., Aseguradora Patrimonial Danos, SA,.
Chubb de M xico, CompaÃ±Ãa Afianzadora,.
SA de CV, Chubb de M xico.
CompaÃ±Ãa de Seguros, SA de CV,.
Dentegra Seguros Dentales, S. A., Strategy Seguro,.
SA de CV, Co. de Seguros,.
Primero Fianzas SA de CV, Seguros.
Azteca Danos, SA de CV, Royal.
Sun Alliance Seguros (M xico), SA de.
CV was Worldwide Building and Casualty Insurers published.
in December 2015. The primary methodology used in rating Aserta.
Seguros Vida, SA de CV, Prudential.
Seguros Mexico, SA, and Seguros Azteca,.
S.A de CV was Global Life Insurers published in.
December 2015. The principal methodology utilized in score Coface.
Seguro de Credito Mexico, SA de CV.
was Global Trade Credit Insurers published in December 2015. The.
primary approach used in score MBIA Mexico, SA.
de CV was Financial Guarantors released in January 2015.
Please see the Ratings Methodologies page on www.moodys.com.mx.
for a copy of these methodologies.
Moodys insurance financial stamina ratings are opinions of the ability.
of insurance coverage business to pay punctually senior insurance policy holder claims and.
obligations. For more infoFor more details, visit our website at www.moodys.com.mx.
Moodys National Scale Credit Ratings (NSRs) are meant as relative.
steps of credit reliability amongst financial obligation concerns and providers within a country,.
enabling market individuals to much better differentiate relative threats.
NSRs vary from Moodys global scale credit scores in that they are.
not internationally comparable with the complete universe of Moodys ranked entities,.
however just with NSRs for other rated debt problems and issuers within the.
exact same nation. NSRs are designated by a.nn country modifier.
signifying the relevant nation, as in.za for South Africa.
For additional details on Moodys approach to nationwide scale credit ratings,.
please refer to Moodys Credit score Method published in June 2014.
entitled Mapping Moodys National Scale Scores to Global Scale Ratings.
Info sources utilized to prepare the ratings are the following:.
celebrations involvedassociated with the ratings, public details, personal.
and proprietary Moodys information.
The ratings have actually been divulged to the rated entities prior to public.
A basic listing of the sources of details utilized in the score procedure,.
and the structure and voting process for the score committees responsible.
for the task and monitoring of scores can be discovered in the Disclosure.
tab in www.moodys.com.mx.
The date of the last Credit Score Action of Dentegra Seguros Dentales,.
S. A. was Dec/18/2015.
The date of the last Credit Rating Action of ACE Fianzas Monterrey,.
SA was Jan/20/2016.
The date of the last Credit Score Action of Afianzadora Aserta,.
SA de CV was Apr/1/2015.
The date of the last Credit Rating Action of Afianzadora Insurgentes,.
SA de CV was Apr/1/2015.
The date of the last Credit Score Action of Afianzadora Punto Aserta,.
S. A. was Apr/1/2015.
The date of the last Credit Rating Action of Aseguradora Patrimonial Danos,.
SA was Dec/10/2014.
The date of the last Credit Score Action of Aserta Seguros Vida,.
SA de CV was Dec/10/2015.
The date of the last Credit Rating Action of Chubb de Mexico Compania.
de Seguros, SA de CV was Jan/20/2016.
The date of the last Credit Rating Action of Chubb de Mexico, Compensation.
Afianzadora SA de CV was Jan/20/2016.
The date of the last Credit Rating Action of Coface Seguro de Credito.
Mexico, SA de CV was May/11/2015.
The date of the last Credit Score Action of MBIA Mexico, SA.
de CV was Jan/20/2016.
The date of the last Credit Rating Action of Plan Seguro, SA.
de CV, Co. de Seguros was Dec/28/2015.
The date of the last Credit Rating Action of Primero Fianzas SA.
de CV was Mar/23/2015.
The date of the last Credit Score Action of Prudential Seguros Mexico,.
SA was Dec/22/2015.
The date of the last Credit Rating Action of Royal and SunAlliance Seguros,.
SA de CV was Sep/10/2015.
The date of the last Credit Rating Action of Seguros Azteca Danos,.
SA de CV was Nov/24/2014.
The date of the last Credit Score Action of Seguros Azteca, S.A.
de CV was Nov/24/2014.
For ratings released on a …