Moody's affirms Allianz Argentina

Moody's Latin America said it has affirmed Allianz Argentina's Ba3 global local currency and Aa2.ar national-scale insurance financial strength ratings.

The outlook remains stable.

With the affirmation of Allianz Argentina's ratings, Moody's said it recognizes that the company continues to grow and diversify its business and product portfolio, to improve overall asset quality, and to sustain solid profitability metrics.

However, the rating agency also noted that the continuous increase in the company's operating leverage is a significant constraint to its credit profile, particularly in view of the current unstable economic environment in Argentina.

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