Fitch Ratings on March 19 upgraded the national rating of El Salvador's Seguros e Inversiones S.A., or SISA, to AA+(slv) from AA(slv), with a stable outlook.
The upgrade incorporates support to the insurer from Honduran parent Grupo Terra SA de CV. Fitch believes the relevant size of the insurer relative to Grupo Terra will not affect the group's ability to provide support if needed.
Fitch also notes SISA's intrinsic risk profile, which incorporates its broad business scale and solid consolidated position with subsidiary SISA VIDA SA Seguros de Personas.
SISA held 18.3% of total market premiums in the Salvadoran market as of year-end 2017, down from 20.5% in 2015. However, it also saw its 2017 net profit rise 28% higher than that of the previous year.