Standard & Poor's Ratings Services affirmed March 31 itscounterparty 'BB' global scale- and 'brAA-' national scale local currencyissuer credit ratings for AllianzGlobal Corporate & Specialty Resseguros Brasil SA.
The ratings have a negative outlook. After the affirmation,the S&P removed the ratings at the request of the issuer.
S&P noted that Allianz Resseguros Brasil is a majorplayer in Brazil's reinsurance market through its brand strength and synergywith the other Allianz business units in Brazil.
The rating agency said it believes that the company"will continue to grow despite the weak local economy due to the still lowpenetration of insurance in the country," along with regulation thatretains part of the market for domestic reinsurers.
The company also benefits from its status as a strategicallyimportant subsidiary for Munich-based Allianz Group, S&P said.
S&P Ratings and GlobalMarket Intelligence are owned by McGraw Hill Financial Inc.