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Fitch withdraws Seguros Ve por Más from Rating Watch Negative

Fitch Ratings on March 1 withdrew the A(mex) rating of Seguros Ve por Más SA Grupo Financiero Ve por Más from Rating Watch Negative.

The ratings action is related to the removal of Banco Ve por Más SA Institución de Banca Múltiple Grupo Financiero Ve por Más's ratings from Rating Watch Negative, after the decision of its management to cancel the acquisition of Bankaool SA Institución de Banca Múltiple.

Seguros Ve por Más' rating reflects the legal obligation of Grupo Financiero Ve por Más SA de CV to provide support if required. The credit profile of the group is linked to that of its main subsidiary, Banco Ve por Más.

Fitch believes the insurer is a strategically important subsidiary for its parent, given the legal requirement of the latter to respond without limit for the losses and obligations borne by the insurer, as well as for the integration and commercial identification between both entities.

Meanwhile, Fitch also affirmed the A(mex) rating of Seguros Ve por Más.