S&P affirms Grupo Nacional

Standard & Poor's said it affirmed the BBB global scale and mxAA+ national scale, and counterparty credit ratings on Grupo Nacional Provincial SAB.

The outlook is stable.

Counterparty credit ratings reflect the company's strong market position, brand recognition in the Mexican insurance market and good product diversification, according to the agency.

Ratings also reflect an experienced management team with strong market knowledge and improvements in the company's operating and financial performance, S&P said.

Ratings are constrained by the issuer's capital adequacy ratio, which lags the ratios of other similarly rated entities, and by volatile bottom-line results, the agency noted.

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