Fitch ups Sul America

Fitch Ratings said it took the following rating actions on Sul America SA (SASA), the holding company controlling the Sul America Seguros insurance group activities: foreign and local currency issuer default ratings upgraded to BB- from B+, short-term foreign and local currency issuer default ratings affirmed at B and senior notes upgraded to B+/RR5 from B/RR5.

The outlook is stable.

The agency said that the ratings actions reflect Sul America's consistent enhancement of its operational performance, due mainly to the improved underwriting and pricing policies adopted since 2004 on the main segments of its portfolio, especially health and automobiles, accounting for 54% and 27% respectively of the consolidated premiums at H107.

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