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Moody's assigns ratings to Compania Cooperativa de Seguros Surco

Moody's on April 29 assigned a Ba3 global scale localcurrency rating and an A1.uy national scale insurance financial strength ratingto Compania Cooperativa deSeguros Surco, with a stable outlook.

The ratings reflect the company's good businessdiversification in the life and property and casualty segments, its leadingmarket position in the agricultural line of business, and its consistentpositive net results.

The rating agency also noted the company's low product riskprofile, given its granular book of business in the automobile segment, and itsexposure to group life coverages, among other positive credit considerations.

However, these positive factors are partly offset by severalcredit challenges, including the company's overall weak market presence,reinvestment risk and currency mismatch associated with its run-off annuityproducts, and weak reserve adequacy, Moody's said.