2nd Debenture Issuance (BRL150 million) due 2011: To 'A+(bra)' Rating
Outlook Stable, from 'A(bra)' Rating
Against this backdrop, underlying structured finance collateral - both consumer and corporate - generally also delivered solid results and continued to support an environment of more upgrades than downgrades in structured finance,' said Stephanie Mah, Senior Director, Credit Market Research, Fitch Ratings
The implementation of the new ratings
standards was done concurrently for most insurance sectors globally, and follows the publication of an exposure draft of the noted methodology report on Dec.
Fitch upgrades the IFS ratings
from 'BBB' to 'BBB+' for:
Foreign Currency; 'BB'; 'BB+', Rating
Outlook Negative (removed from Rating
established in 1899, is the world's oldest and most authoritative insurance rating
and information source.
2%, respectively, of the combination of S&P/Fitch and Moody's/Fitch ratings
were exactly the same or within one notch;
Greater details on Fitch's new guidelines governing notching of issue ratings
relative to the IDR, as well as the notching between Insurer Financial Strength Ratings
(IFS) at an operating company level and debt ratings
at a holding company level are available in the noted methodology report.
Fitch is implementing these new ratings
standards concurrently for most insurance sectors globally, following the publication of an exposure draft of the noted methodology report on Dec.
More than a decade ago the Europeans missed their chance to establish a major rating
agency more attuned to the bank-based financial systems prevailing in Europe rather than the capital market-based financial system and the highly developed equity culture of the United States.
Many insurers have multiple rating
engines in use throughout their companies, which inhibit real-time pricing, quoting and issuance.