FitchRatings on Oct. 10 affirmed the A(mex) national rating, with a stable outlook,of Seguros MultivaSA.

Fitchexpects a change in the explicit support for Seguros Multiva given its new shareholdingstructure following GrupoFinanciero Multiva SAB de CV's sale of the company to .

Theassigned rating is based on the perception of access to equity support ifrequired, Fitch said.

SegurosMultiva remains a small player in the Mexican insurance industry, with itsportfolio containing a concentration of medical expense products which lessenthe firm's financial flexibility and expose it to volatility in results andequity, Fitch noted.

The insureralso exhibits an improvement in its combined ratio, an adequate internalcapital generation albeit a slight deterioration in leverage levels as well asa conservative investment policy with adequate credit quality and solidliquidity.