S&P affirms QualCon

S&P said it affirmed its BB+ global scale issuer credit rating on Qualitas Controladora SAB de CV (QualCon).

The agency also affirmed the national scale mxAA+/mxA-1+ issuer credit ratings on Qualitas Compañía de Seguros SA de CV y Subsidiarias.

In addition, the agency affirmed the BBB- issuer credit ratings on Qualitas Insurance Co.

The outlooks are stable.

S&P said it affirmed the ratings after the announcement that QualCon has closed negotiations to acquire HDI Seguros Peru, the Peruvian subsidiary of Talanx, subject to regulatory approval in Peru.

“In our view, based on the current information and our base-case scenario, the acquisition won't immediately affect the ratings on QualCon, considering the small size of this transaction compared to QualCon's total adjusted capital (TAC),” S&P said in a news release.

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