Moody’s lifts Caser IFSR to Baa3

Moody's Investors Service said it upgraded Caser SA’s insurance financial strength rating to Baa3 from Ba1.

The outlook remains stable.

Moody’s said the upgrade reflects the improvements in Caser's credit fundamentals as a result of: (a) A de-risked investment portfolio; (b) diminishing reliance on the Spanish savings banks for the distribution of its insurance products; and (c) continued strong technical performances in the non-life business.

The action also follows Moody's April 13 upgrade of Spain's sovereign rating to Baa1 from Baa2, which further supports the agency’s view of improving asset quality.

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