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S&P downgrades 2 Zurich units in Mexico

S&P Global Ratings on Dec. 13 lowered its national financial strength ratings on Zurich Vida Compania de Seguros SA and Zurich Fianzas México SA de CV to mxAA+ from mxAAA, while maintaining a stable outlook on the ratings.

The move reflects a downward revision to the business risk profile of the Zurich group's Mexican subsidiaries, which, in turn, is based on their weaker operating performance compared to industry peers, the rating agency said.

The Mexican units' financial risks profile is limited by capitalization and profitability levels that S&P considers to be inadequate. The companies continue to report heavy losses and will likely remain dependent on recurring capital injections from their Swiss parent, the rating agency added.

Although the companies have taken certain strategic actions to improve their operating performance, S&P does not foresee a favorable turnaround in the next 24 months.

Zurich Vida Compania de Seguros and Zurich Fianzas México are units of Zurich Insurance Group AG.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.