S&P trims Mexican insurers

S&P said lowered the ratings one notch the following Mexican insurers in line with its downgrade of Mexico’s rating. The companies are AXA Seguros SA de CV and Sompo Seguros Mexico, SA de CV to A- from A; Chubb Seguros Mexico SA to BBB+ from A-; and Allianz Mexico Compania de Seguros SA and Grupo Nacional Provincial SAB to BBB from BBB+.

S&P also downgraded Kot Insurance Co. AG to BBB+ from A- following our downgrade of Petroleos Mexicanos. The outlook on these entities is negative, in line with that on Mexico.

The agency affirmed its ratings on Qualitas Controladora SAB de CV and its U.S.-based subsidiary Qualitas Insurance Co. at BB+ and BBB-, respectively, and revised their outlook to negative from positive following the sovereign downgrade.

Also, S&P also affirmed its A+ rating on Tokio Marine Compania de Seguros SA de CV and the A- rating on AIG Seguros Mexico, SA de CV to reflect the sovereign rating does not immediately constrain their ratings. The outlook on Tokio Marine remains positive and the outlook on AIG stable.

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