Fitch withdraws Seguros Catalana Occidente's ratings
Fitch Ratings has affirmed Seguros Catalana Occidente's 'A' insurer financial strength rating, revised the outlook to stable from negative and subsequently withdrawn the rating.
The affirmation and outlook revision are based on the group's healthy business position among the Spanish life and non-life markets, strong solvency, continuously robust operating performance, which has been boosted by the upturn of its credit insurance activities, and its conservative investment mix.
This is mitigated by the company's concentrated exposure to Spain and by its limited financial flexibility given the group's ownership structure.
The rating has been withdrawn as Fitch no longer considers Seguros Catalana Occidente's rating to be relevant to its coverage.
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