S&P lowers five Mexican insurers

S&P said it lowered the local currency issuer credit ratings on five Mexican insurance companies to A- from A, mirroring the same action on the local currency rating on Mexico.

The ratings were lowered on AXA Seguros SA de CV, KOT Insurance Co. AG, AIG Seguros Mexico, SA de CV, Allianz Mexico Compania de Seguros SA and Sompo Seguros Mexico, SA de CV.

The agency said the ratings are based on views of their credit profiles, the potential for external support from a parent with stronger credit quality, and constraint stemming from the sovereign local currency ratings on Mexico.

S&P lowered the global scale long-term local currency credit rating on Mexico to A- from A after a sovereign rating methodology change, which resulted in the downgrade of the insurers.

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