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Fitch affirms HSBC Seguros at AAA(mex)

FitchRatings on Oct. 7 affirmed the AAA(mex) national rating of .

The outlookis stable.

The ratingincorporates a benefit of explicit support from HSBC Seguros' controlling group,Grupo Financiero HSBC, due to the legal requirement to unlimitedly respond tolosses and obligations of its subsidiaries. Fitch believes the insurer is a keyunit for the group, as seen in their robust operational integration and strongcommercial identification.

In Fitch'sview, HSBC Seguros displays positive technical profitability, leverageindicators that are lower than market average and a reserve coverage that isabove market average.