FitchRatings on May 9 affirmed the long-term national issuer rating for Guatemala's at AA(gtm) witha stable outlook.
The insurer'srating is based on Seguros G&T's competitive position in the local insurancemarket, with an adequate financial profile sustained by its operating performance,capitalization and liquidity.
Fitchsaid the rating also reflects the firm's reserves coverage, which is in line withits loan portfolio, and broad reinsurance protection for all its business lines.
SegurosG&T is the second-largest Guatemalan insurer in terms of premiums with a 19.8%share of total premiums at the end of 2015, up from 18.8% a year earlier, Fitchnoted.
Goingforward, the firm's ratings could be upgraded if it shows a sustained improvementin its claims levels and profitability, Fitch added.