Moody’s: Swiss Re Corporate to stable

Moody's Investors Service said it affirmed the Baa3 global local currency insurance financial strength rating of Swiss Re Corporate Solutions Brasil Seguros and changed the outlook to stable from negative.

The Aaa.br national scale insurance financial strength rating was affirmed and its outlook remains stable.

This action follows the March 15 decision to change the outlook of the Brazilian local-currency and foreign-currency bond ratings outlook to stable from negative.

Moody's said the outlook change primarily reflects its assessment of the correlation between the company's credit profile and that of the Brazilian sovereign, primarily taking into account its direct and indirect exposures to sovereign assets.

The change in the outlook of the Brazilian government bond to stable led to the change in the outlook of the insurer's global local currency insurance financial strength rating given its asset concentration in such investments, and the consequent credit impact on the entity's asset quality, risk-adjusted capital adequacy and financial flexibility.

© 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.