A.M. Best has affirmed the Financial Strength Rating of B- (Fair), the Long-Term Issuer Credit Rating of "bb-" and the Mexico National Scale Rating of "a-.MX" of ANA Compania de Seguros S.A. de C.V. (ANA) (Mexico). The outlook of these Credit Ratings (ratings) is revised to stable from positive. Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M. Best's interactive rating process.
The change in outlook to stable reflects the company's 2017 risk-adjusted capitalization standing at weak levels as it has experienced pressure derived from above-market premiums growth and a reduction in reported equity. ANA may improve capital adequacy levels in the medium term given that it has benefited historically from the support of its immediate parent, GMS Valore, S.A. de C.V. (formerly Grupo Maxasem) (GMS Valore) in the form of previous capital injections, as well as synergies with other group members.
The ratings reflect ANA's balance sheet strength, which A.M. Best categorizes as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
Source: A.M. Best Ratings Services, Inc. Used under license.