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LatAm ratings wrap: S&P cuts Zurich México; Moody's affirms Banco do Brasil

S&P Global Market Intelligence presents a summary of various ratings actions on Latin American financial institutions and economies. Ratings actions are listed by announcement date in reverse chronological order.

Oct. 10

* S&P Global Ratings downgraded Unión de Crédito alpura SA de CV's long- and short-term issuer credit ratings to mxBB and mxB from mxBBB+ and mxA-2, respectively.

* Moody's affirmed Arrendadora y Factor Banorte SA de CV SOFOM ER Grupo Financiero Banorte's long- and short-term global local currency issuer ratings at Baa2/Prime-2 and Mexican national scale issuer ratings at Aa2.mx/MX-1.

Oct. 9

* S&P downgraded Zurich Cia. de Seguros SA's financial strength rating to mxAA+ from mxAAA, while revising its outlook on the company, Zurich Vida Cia. de Seguros SA and Zurich Fianzas México SA de CV to negative from stable.

* Moody's affirmed all of its ratings on Banco do Brasil SA, including at Ba2 and Not Prime for long- and short-term local currency deposits, and Ba3 and Not Prime for long- and short-term foreign currency deposits, respectively.

Oct. 8

* Moody's affirmed Prudential Seguros Mexico SA de CV's Baa2 global local currency and Aa2.mx national scale insurance financial strength ratings, with a stable outlook.

* Moody's affirmed its Ba1 global local currency and A1.mx national scale insurance financial strength ratings on Seguros Azteca SA de CV and Seguros Azteca Danos SA De CV.

Oct. 7

* AM Best assigned a financial strength rating of A (Excellent), a long-term issuer credit rating of "a," and a Mexico national scale rating of "aaa.MX" to Tokio Marine HCC México Compañía Afianzadora SA de CV.

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.