Fitch Ratings on Dec. 9 affirmed the insurance financial strength rating of Seguros Constitucion SA at BB(dom), with a negative outlook.

The ratings action reflects the deterioration in the financial performance of the insurer resulting from a large contraction of its written premium portfolio, which in turn results in continued operating losses.

It also considers the pressure on the ability of the insurer to overcome this trend and stay in a position of adequate capitalization and liquidity, which will maintain its ability to continue operating in the insurance market.