S&P Global Ratings on March 24 affirmed Quálitas Controladora SAB de CV's global scale counterparty credit rating at BB+.
It also affirmed Quálitas Compañía de Seguros SA de CV's counterparty credit and financial strength national scale ratings at mxAA+ and mxA-1+. Meanwhile, U.S. insurer Qualitas Insurance Co.'s counterparty credit and financial strength ratings were affirmed at BBB-.
The outlook for all ratings remains stable.
Qualitas Compañía de Seguros' ratings reflect its satisfactory business risk profile and lower adequate financial profile. S&P revised Qualitas Compañía's risk position to intermediate from moderate, given the relatively short-term nature of the risk of sources of capital and earnings volatility.
Quálitas Controladora's ratings reflect its subordination to, and dependence on, the insurance operating companies for dividends. Meanwhile, its business risk profile reflects an adequate competitive position due to its reliance on a single business line. S&P considers its financial risk profile as lower adequate, due to a prospective capital adequacy that is estimated slightly below the benchmark of BBB.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.