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A.M. Best Affirms Credit Ratings of Afianzadora Sofimex, S.A.


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A.M. Best Affirms Credit Ratings of Afianzadora Sofimex, S.A.

A.M.Best has affirmed the Financial Strength Rating of A- (Excellent), theLong-Term Issuer Credit Rating of "a-" and the Mexico National ScaleRating of "aa+.MX" of AfianzadoraSofimex SA (Sofimex) (Mexico City, Mexico). The outlook of theseCredit Ratings (ratings) is stable.

Theratings reflect Sofimex's strong operating performance in terms ofprofitability and competitiveness within Mexico's surety bond market, as well asstrong risk-adjusted capitalization. These positive rating factors are limitedby A.M. Best's view of the highly competitive market in which the companyoperates.

Sofimexis a Mexico domiciled surety and bond company that was established in 1940. Thecompany offers surety and fidelity coverages ranging from low limit judicialbonds to high limit contract bonds. As of December 2015, Sofimex's businessportfolio was comprised of administrative sureties (84.7%), fidelity (8.7%),credit (4.8%) and judicial (1.8%).