S&P Global Ratings on July 15 revised the ratings of several Brazilian insurers and reinsurersfollowing the country's sovereigndowngrade in February and the subsequent revision of Brazil's P&Cinsurance industry and country risk assessment.

With the move, S&P downgraded the national scale ratingsof Austral Seguradora SAand Austral Resseguradora SAto brA+ from brAA-, with a negative outlook. It also lowered Terra Brasis Resseguros' rating to brA from brA+ with a stableoutlook.

In addition, S&P affirmed the ratings of , , and Sul América SA, allwith negative outlooks.

S&P Global Ratingsand S&P Global Market Intelligence are owned by S&P Global Inc.