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Rating Action:

Moody's upgrades 12 Bolivian insurers given improved operating environment

 The document has been translated in other languages

30 Jan 2014

Buenos Aires City, January 30, 2014 -- Moody´s Latin America Agente de Calificación de Riesgo has upgraded the global local currency (GLC) and/or national scale (NS) insurance financial strength (IFS) ratings of 12 Bolivian insurers, following improvement in Bolivia's insurance operating environment, in particular as reflected in Moody's Investors Service's updated sovereign credit factor assessment for Bolivia (see our Government of Bolivia Credit Opinion, published December 6, 2013). The rating agency noted that an improving operating environment tends to have a positive influence on insurers' credit profiles, as it translates into improved business and financial fundamentals for participants in the industry sector.

Moody's has taken the following rating actions:

Alianza Seguros y Reaseguros: GLC and NS IFS ratings upgraded to B1 and Aa2.bo, respectively, from B2 and Aa3.bo. Both ratings carry a stable outlook.

Alianza Vida Seguros y Reaseguros: GLC and NS IFS ratings upgraded to B1 and Aa2.bo, respectively, from B2 and Aa3.bo. Both ratings carry a stable outlook.

Bisa Seguros y Reaseguros: GLC and NS IFS ratings upgraded to Ba3 and Aaa.bo, respectively, from B1 and Aa2.bo. Both ratings carry a stable outlook.

BUPA Insurance (Bolivia): GLC IFS rating confirmed at Ba3. NS IFS rating upgraded to Aaa.bo from Aa1.bo. Both ratings carry a stable outlook.Compañía de Seguros y Reaseguros

Crediseguro Seguros Personales: GLC and NS IFS ratings upgraded to B1 and Aa2.bo, respectively, from B2 and Aa3.bo. Both ratings carry a stable outlook.

Fortaleza: GLC and NS IFS ratings upgraded to B2 and Aa3.bo, respectively, from B3 and A1.bo. Both ratings carry a stable outlook.

La Boliviana Ciacruz de Seguros y Reaseguros: GLC and NS IFS ratings upgraded to Ba3 and Aa1.bo, respectively, from B1 and Aa2.bo. Both ratings carry a stable outlook.

La Boliviana Ciacruz Seguros Personales: GLC and NS IFS ratings upgraded to Ba3 and Aa1.bo, respectively, from B1 and Aa2.bo. Both ratings carry a stable outlook.

La Vitalicia Seguros y Reaseguros de Vida: GLC and NS IFS ratings upgraded to B1 and Aa2.bo, respectively, from B2 and Aa3.bo. Both ratings carry a stable outlook.

Latina Seguros Patrimoniales: GLC and NS IFS ratings upgraded to B1 and Aa2.bo, respectively, from B2 and Aa3.bo. Both ratings carry a stable outlook.

Nacional Vida Seguros de Personas: GLC and NS IFS ratings upgraded to B1 and Aa2.bo, respectively, from B2 and Aa3.bo. Both ratings carry a stable outlook.

Seguros Illimani: GLC IFS rating affirmed at Caa1. NS IFS rating upgraded to Baa1.bo from Baa2.bo. Both ratings carry a stable outlook.

These rating actions conclude a review for possible upgrade initiated on December 11, 2013.

RATINGS RATIONALE

According to Moody's, the upgrade of the insurers' ratings reflects that the companies' credit profiles benefit from improvement in Bolivia's insurance operating environment, as the combined impact of the country's improved economic strength, institutional strength and susceptibility to event risk benefits these insurers' credit profiles. The improvement in the insurance operating environment is particularly important because country-specific trends and developments can over time have as much of a bearing on insurers' long-term credit profile and viability as the intrinsic strength of their own operations.

Although Seguros Illimani's GLC IFS rating was affirmed at Caa1 given its weak credit profile relative to other insurers in the Bolivian marketplace, the upgrade of the company's NS IFS rating to Baa1.bo from Baa2.bo reflects that the improved operating environment assessment in Bolivia does marginally improve its relative position among other companies rated in the country.

With regards to the confirmation of BUPA Insurance (Bolivia)'s Ba3 GLC IFS rating, Moody's noted that the improvement in Bolivia's operating environment did not translate into a meaningfully improved credit profile that would merit an upgrade of the company's Ba3 GLC IFS rating. However, the company's relative positioning among other issuers in the country did benefit from Bolivia's improved assessment, which is reflected by Moody's upgrade of the company's NS IFS rating to Aaa.bo from Aa1.bo.

Among the factors that could lead to a further upgrade of the Bolivian insurers' ratings are 1) an additional improvement in Bolivia's operating environment and/or upgrade of the Bolivian sovereign rating, or 2) improved capital adequacy, asset quality and profitability. Conversely, the factors that could lead to a downgrade of the Bolivian insurers' ratings are 1) a deterioration of the country's operating environment and/or sovereign rating, or 2) a worsening trend in the companies' capital adequacy, asset quality, and profitability.

Moody's insurance financial strength ratings are opinions of the ability of insurance companies to pay punctually senior policyholder claims and obligations. For more information, visit our website at www.moodys.com/insurance.

The methodologies used in this rating were Global Life Insurers published in December 2013, and Global Property and Casualty Insurers published in December 2013. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in October 2012 entitled "Mapping Moody's National Scale Credit Ratings to Global Scale Credit Ratings.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Diego Mariano Nemirovsky
VP - Senior Credit Officer
Financial Institutions Group
Moody´s Latin America Agente de Calificación de Riesgo
Ing. Butty 240
16th Floor
Buenos Aires City C1001AFB
Argentina
JOURNALISTS: (800) 666 -3506
SUBSCRIBERS: (5411) 5129 2600

Robert Riegel
MD - Insurance
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody´s Latin America Agente de Calificación de Riesgo
Ing. Butty 240
16th Floor
Buenos Aires City C1001AFB
Argentina
JOURNALISTS: (800) 666 -3506
SUBSCRIBERS: (5411) 5129 2600

Moody's upgrades 12 Bolivian insurers given improved operating environment
No Related Data.
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