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S&P maintains Istmo Re's ratings under regulatory supervision

S&P Global Ratings on March 24 maintained Istmo Cia. de Reaseguros Inc.'s ratings at "R," or "under regulatory supervision."

S&P also withdrew the global scale ratings on Istmo Re's main subsidiaries, Ireland-based Liffey Reinsurance Co. Ltd. and Istmo Mexico Compañía de Reaseguros SA de CV.

The rating agency placed the ratings on R following Panama's insurance regulator intervening and assuming control of the company for failure to improve its financial position. The rating will be held through the end of the 180-day intervention period, which started on Dec. 16, 2016.

Meanwhile, the ratings withdrawal on Liffey and Istmo Mexico reflect a lack of sufficient information that would enable a stand-alone credit assessment on these entities, after their ratings were suspended in December 2016.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.