S&P: Triple-S on negative watch

S&P said it placed all of its ratings on Triple-S Salud Inc. (TSS), including the BBB+ long-term counterparty credit rating, on CreditWatch with negative implications.

The agency said the CreditWatch placement reflects the potential for downgrades (potentially up to one category) during the next 90 days following the assessment of the impact of Hurricanes Irma and Maria (and other storms that may follow) on the Triple-S Management Corp. (TSM) group and TSS.

“We believe TSM's near-term credit risks related to the hurricanes may be higher than other Puerto Rico-based health insurers because of its multiline insurance exposures,” S&P said in a news release.

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