AM Best has assigned a Financial Strength Rating of C++ (Marginal), a Long-Term Issuer Credit Rating of "b+" and a Mexico National Scale Rating of "bbb.MX" to Aseguradora Patrimonial Vida S.A. (Patrimonial Vida) (Mexico). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Patrimonial Vida's balance sheet strength, which AM Best categorizes as weak, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

Patrimonial Vida's balance sheet strength is underpinned by risk-adjusted capitalization at a weak level, as measured by Best's Capital Adequacy Ratio (BCAR). The ratings also reflect the company's significant underwriting leverage, business profile limited by concentration in a single business line and distribution channel and the company's relatively small size within Mexico's life insurance industry. Partially offsetting these factors are Patrimonial Vida's improving operating performance and well-structured reinsurance program.