Fitch Ratings has revised the Rating Outlook on Seguros Inbursa, S.A., Grupo Financiero Inbursa's Insurer Financial Strength (IFS) rating to Stable from Negative.

In addition, Fitch has affirmed Seguros Inbursa's IFS rating at 'BBB-'.

Key Rating Drivers

Seguros Inbursa's Stable Rating Outlook mirrors the Outlook for Banco Inbursa, S.A., Institucion de Banca Multiple, Grupo Financiero Inbursa (BInbursa). Seguros Inbursa's rating reflects the legal explicit support received by its holding group, Grupo Financiero Inbursa, S.A.B. de C.V. (GFInbursa), which is legally obliged to grant support for its subsidiaries' losses and obligations. Fitch believes GFInbursa's credit quality is aligned with BInbursa's, its main operating subsidiary.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive rating action/upgrade:

An upgrade of the International Scale rating would follow an upgrade of BInbursa's rating;

An upgrade of the National Scale rating is not possible since it is at its highest at 'AAA(mex)'.

Factors that could, individually or collectively, lead to negative rating action/downgrade:

A downgrade of BInbursa's rating would trigger a downgrade of the insurer's rating, and would reflect the relationship between BInbursa and the Mexican sovereign's ratings. The rating could also be downgraded if there is any change in GFInbursa's ability and willingness to provide support, and any modifications to the legal framework that alters GFInbursa's requirement to support the insurer.

Best/Worst Case Rating Scenario

International scale credit ratings of Financial Institutions and Covered Bond issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

ESG Considerations

Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg.

RATING ACTIONS

Entity / Debt

Rating

Prior

Seguros Inbursa, S.A.,Grupo Financiero Inbursa

Ins Fin Str

BBB-

Affirmed

BBB-

Page

of 1

VIEW ADDITIONAL RATING DETAILS

Additional information is available on www.fitchratings.com

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