Aseguradora Mundial Guatemala's rating upgraded to AA-(gtm)

Fitch based the rating on the solid operating performance, wide reinsurance coverage, and on the strength and experience of Grupo Mundial, amongst other factors

Tuesday, July 29, 2008

The rating outlook is Stable. The main aspect that limits the rating is the relatively high portfolio of outstanding premiums, which can create an element of risk with regards to liquidity.

It should be pointed out that Grupo Mundial has undergone a great transformation during this fiscal year as a result of it absorbing Seguros Alianza. The official Merger of the two companies is still in process, nonetheless, they are already operating under the newly integrated "Aseguradora Mundial de Guatemala." As a result of this consolidation, the main accounts of the Financial Statements have been affected; hence the variations from March of last year are significant.

The evolution of the rating will depend mainly on the strength of Mundial's operations in Guatemala, once the merger of Seguros Alianza, subject to the granting of all pertinent authorizations, is is completed.

Note: Fitch's ratings are based on a national scale and are not comparable internationally.

More on this topic

S&P Upgrades Guatemala's Rating

September 2012

The promotion to "BB" rating with a stable outlook is based on better GDP growth and tax revenues.

From the press release:

Summary

We expect that the government of Guatemala will reduce fiscal deficits averaging 2.5% of GDP over the next three years, compared with previous estimates of over 3% of GDP.

Fitch Ratings Affirms Rating of BB + for Guatemala

August 2012

The agency has affirmed the international rating of Guatemala as 'BB +' with Stable Outlook.

From a statement by Fitch Ratings:

Fitch Ratings-New York-31 July 2012: Fitch Ratings has affirmed the issuer default rating (IDR) and the Country Ceiling for Guatemala as follows:

Fitch Affirms Costa Rica’s BB Rating

February 2010

Fitch affirmed Costa Rica’s long term risk ratings for foreign and domestic currency: ‘BB’ and ‘BB+’, respectively.

The Outlook on both ratings is Stable. Fitch has also affirmed Costa Rica's short-term foreign currency IDR at 'B' and the Country Ceiling at 'BB+'.

Costa Rica's ratings are supported by its high per capita income; a relatively diverse economy, which traditionally attracts sizeable foreign direct investment (FDI); and its net external creditor position. The ratings are constrained by a narrow fiscal revenue base, a comparatively weak monetary and exchange rate policy framework, and relatively low international liquidity indicators.

Fitch: Ratings of Costa Rican Financial Institutions

April 2008

In its semi-annual review of national ratings assigned to Costa Rican financial institutions, based on results to Dec. 31, 2007, Fitch announced the ratings it has given.

The ratings are as follows:
Banco Crédito Agricola de Cartago: AA+(cri) for the short term. Outlook: stable.

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