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Fitch upgrades Multibank Seguros on favorable profitability

Fitch Ratings on May 30 upgraded Multibank Seguros SA's insurer financial strength rating to AA(pan) from AA-(pan), while maintaining the outlook at stable.

The rating action reflects the importance of Multibank Seguros within the strategy of its controller, Multibank Inc., and a continued favorable trend in the insurer's profitability, leverage and liquidity indicators.

Meanwhile, the Panamanian insurer's rating considers the solid support of Multibank, its conservative profile reflected in low loss ratio and leverage levels, as well as positive and stable operating results, which are products of both a clear business focus and synergy with its parent, Fitch said.