S&P downgrades Sul America

Standard & Poor's said it lowered the global scale long-term counterparty credit rating on Sul America Cia Nacional de Seguros SA (Sul America) to BBB from BBB+.

The agency also said it lowered the global scale long-term counterparty credit rating on Sul America's holding company, Sul America SA, to BB+ from BBB-.

S&P said it removed the global scale ratings from CreditWatch, where they were placed with negative implications in November 2013.

The outlook is negative.

The negative outlook reflects the same out on the sovereign, the agency said.

Sul America is expected to maintain its strong competitive position, consistent operating performance and intermediate risk position, Gabriela Sebrell, an S&P analyst, said in a press release.

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