Fitch Ratings has revised the Rating Outlook on
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
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 '
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 '
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
Ins Fin Str
BBB-
Affirmed
BBB-
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VIEW ADDITIONAL RATING DETAILS
Additional information is available on www.fitchratings.com
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