Fitch Ratings on March 29 affirmed 'snational scale rating at AAA(mex), with a stable outlook.

According to Fitch, FM Global is a "fundamental" operationfor U.S.-based controlling group Factory Mutual Insurance Co. given the firms' highintegration, the parent company's assumption of almost all of FM Global'srisks, and the parent's explicit support for the Mexican subsidiary.

However, the rating agency noted that FM Global's netresults are volatile mainly because its shareholders measure the company'sresults on a consolidated basis with the group instead of independently.

As a result, the insurer's strategy focuses on maintainingclose to breakeven earnings, Fitch said.