Moody’s cuts four Brazilian insurance companies’ IFS

Moody's Investors Service said it downgraded the global local currency insurance financial strength ratings of four rated Brazilian insurance and reinsurance companies: ACE Seguradora SA, Chubb do Brasil Companhia de Seguros, Munich Re do Brasil Resseguradora SA and Swiss Re Corporate Solutions Brasil Seguros.

The Aaa.br national scale (NS) insurance financial strength ratings of the four companies were confirmed.

All ratings currently carry negative outlooks.

These actions conclude reviews initiated on Dec. 10 and follow the downgrade of the Brazilian local-currency and foreign-currency sovereign bond ratings to Ba2 from Baa3.

Moody's said the downgrades primarily reflect its assessment of the correlation between the companies' credit profiles and that of the Brazilian sovereign, primarily taking into account their direct and indirect exposures to sovereign assets.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.