Fitch Ratings on Sept. 12 downgraded the insurer financial strength ratings of Argentine insurers Nación Seguros SA, Nación Reaseguros SA and Nación Seguros de Retiro SA to CC from CCC.
This was the second time Fitch downgraded the three companies in less than a month.
The action considers the rating agency's updated view of the operating environment for Argentine financial institutions following its recent actions on the country's sovereign ratings. Fitch previously downgraded several Argentine financial institutions to reflect the highly volatile operating environment in the country.
Fitch considers the insurers as core subsidiaries of Banco de la Nación Argentina, a state-owned bank whose obligations are backed by the Argentine government. Fitch does not rate the bank, although it considers its creditworthiness to be tied to that of Argentina.
