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Moody's ups Credinform International de Seguros' outlook to stable, raises rating

Moody's onSept. 30 upgraded CredinformInternational de Seguros SA's national scale insurance financialstrength rating to Baa3.bo from Ba1.bo, while revising the outlook to stablefrom negative.

Meanwhile, theinsurer's B3 global local currency insurance financial strength rating wasaffirmed.

The outlookreflects the "benefit of a capital contribution made by its shareholdersduring the first half of the year, which together with the company's accruedprofits, more than offset an increase of doubtful accounts on the company'sbalance sheet relating to uncertainties regarding an arbitration process thecompany faces with some of its reinsurers," Moody's said.

Meanwhile,the ratings upgrade incorporates a stronger credit profile relative to peers,on the back of a relatively sound market presence, solid profitability anddiversified book of business.

However,constraints on the ratings remain, including the company's still highreinsurance recoverables exposure and asset-quality risk with high exposure toreal estate assets. The ratings are also limited by the insurer's poorhistorical reserve adequacy and systemic country-specific risk of Bolivia,Moody's noted.