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Article: Fitch Affirms Pacifico Peruano-Suiza's IFS at 'BBB-'; Outlook Negative.
- Article from:
- Business Wire
- Article date:
- June 5, 2008
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NEW YORK -- Fitch Ratings has affirmed the international scale Insurer Financial Strength (IFS) rating of Pacifico Peruano-Suiza Compania de Seguros y Reaseguros (PPS) at 'BBB-'. The Rating Outlook is Negative.
PPS' rating reflects its adequate retention levels and solid market share and franchise in Peru. A conservative management also benefits PPS' rating. The rating also considers a recent deterioration of its profitability, capitalization and liquidity levels, which were negatively affected both by non recurring expenses derived from the restructuring process started in 2005, competitive pressures and the effects of a significant earthquake and sizable claims ...