We view Kot as a core captive subsidiary of PEMEX, its sole client, and as having strong capitalization and good reinsurance practices. We are affirming our 'A' local currency counterparty credit and financial strength ratings on Kot. The stable outlook reflects our belief that Kot will maintain its status as a core subsidiary of PEMEX and continue to manage itself prudently. MEXICO CITY (Standard & Poor's) April 13, 2011--Standard & Poor's Ratings Services said today that it affirmed its 'A' local currency counterparty credit and financial strength ratings on Kot Insurance Co. A.G. The outlook is stable. The ratings on Kot are based on our view of the company as a core captive subsidiary of Mexico-based oil company Petróleos Mexicanos...
Companies mentioned in this report are:
- Kot Insurance Co. A.G.
- Petroleos Mexicanos
Action: Outlook: Stable
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