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Fitch affirms ASSA Compania de Seguros at AA(slv)

FitchRatings on Oct. 4 affirmed the long-term national insurance financial strengthrating of ASSA Compania deSeguros SA at AA(slv), with a stable outlook.

Fitch alsoaffirmed the company's long-term insurance financial strength rating on theregulatory scale of El Salvador at EAA(SLV), with a stable outlook.

Thenational rating is based on the explicit capital and liquidity support ASSACompania de Seguros' parent, Grupo ASSA SA, would provide if necessary. This isrecently shown in Grupo ASSA capital injection, which benefitted the unit'sleverage ratios and liquidity. The rating agency also believes the unit islargely important for the expansion of the group.

In Fitch'sview, the insurer exhibits positive leverage levels, a rate of net operatingcosts versus premiums written as well as profitability that are better thanaverage, improved liquid asset coverage and an extensive catastrophic coverage.However, it also displayed a significant decrease in net loss indicator as wellas a high maximum probable loss to catastrophic events.