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Fitch affirms Aseguradora Suiza Salvadoreña, Asesuisa Vida ratings

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Fitch affirms Aseguradora Suiza Salvadoreña, Asesuisa Vida ratings

Fitch Ratings on Sept. 29 affirmed the national insurancefinancial strength rating of AseguradoraSuiza Salvadoreña SA Asesuisa and its unit Asesuisa Vida SA atAA+(slv) with a stable outlook.

The action on Aseguradora Suiza Salvadoreña was based on the"available implicit partial support," if required, by its shareholderSeguros Generales SuramericanaSA due to its importance as a subsidiary not only to Sura but alsoto Grupo de InversionesSuramericana SA. In the subsidiary's affirmation, Fitch alsoconsidered the support to be given by Aseguradora Suiza Salvadoreña and GrupoSura, if needed, due to its strategic importance to the group, Fitch noted.

According to Fitch, the companies' credit profiles havedeteriorated from a decline in its pension sector portfolios and the state ofits additional reserves. Fitch also noted a deficiency in Asesuisa Vida's life product.As a consequence, the companies' performances are considered below market, eventhough Fitch ruled out further deterioration in the company's credit profile inthe short term.