FitchRatings on April 8 affirmed the national financial strength rating ofAXA Colpatria SegurosSA at AA+(col) and revised the outlook to negative from stable.

The ratingsrevision is based on the deterioration of the company's income generation,Fitch said. AXA Colpatria Seguros recorded a net loss of 79.40 billionColombian pesos at the end of 2015 due to the adjustment of technical reservesunder a new regulation as well as a considerable rise in claims. Fitch willmonitor to see if the company will be able to reverse the decline in two years,after saying that it took decisive action to regain profitability.

Meanwhile,the rating incorporates a partial benefit from the company's controlling groupAXA SA. The ratingalso considers the company's competitive position and its brand's commercialstrength, adequate liquidity levels and above-market reserve coverage as wellas the exclusive participation of the group in its reinsurance program.

As of April 8, US$1 was equivalent to 3,108.70Colombian pesos.