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Fitch withdraws rating of Venezuela's Provincial de Reaseguros

Fitch Ratings on Dec. 22 withdrew Provincial de Reaseguros C.A.'s insurer financial strength rating of C, citing commercial reasons.

The rating agency lowered the reinsurer's rating in November following the downgrade of Venezuela's sovereign rating. At the time, Fitch said that Pro Re's financial performance was greatly influenced by its operating environment and vulnerable to Venezuela's political uncertainty.