A.M. Best said March 31 that it affirmed the financial strengthrating of A- (Excellent) and the issuer credit rating of "a-" of CostaRica's Instituto Nacional de Seguros.

The outlook for the ratings remains stable.

The ratings reflect the insurer's strong capitalization, supportedby a comprehensive and adequate reinsurance program, good profitability and itsposition as the main insurer in Costa Rica with over 80% of market share, A.M. Bestsaid.

The ratings also consider the insurer's market characteristicsderived from the Insurance Law of 2008. This support, however, only guarantees insuranceoperations in Costa Rica while dependency on investment income and high operatingexpenses are still a drag on the rating, A.M. Best added.