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Mexican Insurers’ Credit Ratings Revised to Stable Following Sovereign Action

Mexico City, Mexico - July 6, 2022

Global credit rating agency S&P has revised the credit ratings of 12 Mexican financial institutions and five insurers to stable from negative following a similar action taken by the sovereign government.

Affected Companies

The affected companies include:

• AXA Seguros
• Chubb Seguros Mexico
• Qualitas Controladora
• Sompo Seguros Mexico
• And others

Reason for Revision

The revised ratings reflect the improved outlook for these entities, which is in line with the sovereign’s decision to stabilize its credit profile. According to S&P, the revision is based on the expectation that the financial institutions and insurers will benefit from the government’s efforts to strengthen the country’s economy and reduce debt levels.

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“We believe that the revised ratings reflect the improved prospects for these companies, which are now better positioned to navigate the challenges facing the Mexican economy,” said [Name], S&P’s credit analyst.

Revised Ratings

The revised ratings are as follows:

• Asigna, Compensación y Liquidación: mxAAA/Stable/mxA-1+
• AXA Seguros, S.A. de C.V.: A-/Stable/A-
• Chubb Seguros Mexico S.A.: BBB+/Stable/BBB+
• Qualitas Controladora, S.A.B. de C.V.: BB+/Stable/BB+
• Sompo Seguros Mexico, S.A. de C.V.: A-/Stable/A-

Full List of Affected Companies

The full list of affected companies and their revised ratings can be found on S&P’s website.

About S&P

Standard & Poor’s is a leading global provider of credit ratings, research, and analytics. The company has been providing credit ratings since 1860 and is part of S&P Global Inc., a publicly traded company with operations in over 20 countries.