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A.M. Best Removes From Under Review With Negative Implications and Downgrades Credit Ratings of Nezter Seguros, S.A. de C.V.

PR-Inside.com: 2017-09-14 22:02:01

A.M. Best Removes From Under Review With Negative Implications and Downgrades Credit Ratings of Nezter Seguros, S.A. de C.V.

A.M. Best
Olga Rubo, +52 55 1102 2720, ext. 134
Associate Financial Analyst
olga.rubo@ambest.com
or
Alfonso Novelo, +52 55 1102 2720, ext. 107
Senior Director, Analytics
alfonso.novelo@ambest.com
or
Christopher Sharkey, +1 908 439 2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1 908 439 2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

A.M. Best has removed from under review with negative implications and downgraded the Financial Strength Rating to a Non-Rating Designation of “F” (In Liquidation) from C- (Weak), the Long-Term Issuer Credit Rating to a Non-Rating Designation of “f” from “ccc-” and the Mexico National Scale Rating to a Non-Rating Designation of “f” from “ccc-.MX” of Nezter Seguros, S.A. de C.V. (Nezter Seguros) (Mexico City, Mexico).

These Credit Rating (rating) actions reflect the revocation of the authorization granted to Nezter Seguros by Mexico’s Ministry of Finance and Public Credit to operate as an insurance institution. This stemmed from Nezter’s failure to implement the corrective actions that it presented to the Mexican regulator to resolve the shortfall in its minimum paid capital. Such actions are stated in an official notice issued in Diario Oficial de la Federación (Official Gazette) dated Sept. 7, 2017.

The revocation under the Insurance and Surety Institutions Act (Ley de Instituciones de Seguros y de Fianzas) prohibits Nezter Seguros from granting any insurance from the date of the revocation notice and puts the company in a state of dissolution and administrative liquidation.

The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

For information on the meaning of ratings, structure, voting and the committee process for determining the ratings and monitoring activities, please refer to Understanding Best’s Credit Ratings.

  • Previous Rating Date: July 6, 2017
  • Date of Financial Data Used: April 30, 2017

This press release relates to rating(s) that have been published on A.M. Best's website. For additional rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page.

A.M. Best does not validate or certify the information provided by the client in order to issue a credit rating.

While the information obtained from the material source(s) is believed to be reliable, its accuracy is not guaranteed. A.M. Best does not audit the company’s financial records or statements, or otherwise independently verify the accuracy and reliability of the information; therefore, A.M. Best cannot attest as to the accuracy of the information provided.

A.M. Best’s credit ratings are independent and objective opinions, not statements of fact. A.M. Best is not an Investment Advisor, does not offer investment advice of any kind, nor does the company or its Ratings Analysts offer any form of structuring or financial advice. A.M. Best’s credit opinions are not recommendations to buy, sell or hold securities, or to make any other investment decisions. View our entire notice for complete details.

A.M. Best receives compensation for interactive rating services provided to organizations that it rates. A.M. Best may also receive compensation from rated entities for non-rating related services or products offered by A.M. Best. A.M. Best does not offer consulting or advisory services. For more information regarding A.M. Best’s rating process, including handling of confidential (non-public) information, independence, and avoidance of conflicts of interest, please read the A.M. Best Code of Conduct. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper [..].

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.

Press Information


Published by
Hossam Abdel-Kader
+43 1 9582319
e-mail
www.pr-inside.com/



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