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S&P assigns ratings to Brazil's Sompo Seguros

S&P Global Ratings on Jan. 16 assigned brAAA/brA-1+ long- and short-term issuer credit ratings as well as brAAA national scale financial capacity rating to Brazil's Sompo Seguros SA.

The ratings reflect Sompo Seguros' position as a highly strategic subsidiary for parent Sompo Holdings Inc. The rating agency expects Sompo Seguros to receive support from its parent under almost all situations except in the event of a default by the Brazilian government.

The ratings also reflect the rating agency's view on the insurer's operation, which involves several lines of business; its profitability metrics that are slightly below local peers; and its efficient capitalization level.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.