Research Update: S&PCORRECT: Kot Insurance Co. AG Affirmed At 'A-'; Outlook Stable Feb 05
- ID: 1828883
- February 2005
- Standard & Poors
(Editor's note: In the research update published on Feb. 1, 2005, we neglected to state that the local currency counterparty credit rating had been affirmed, along with the financial strength rating. A corrected version follows.) On Feb. 1, 2005, Standard & Poor's Ratings Services affirmed its long-term local currency counterparty credit and financial strength ratings on Kot Insurance Co. AG. The ratings are based on a guarantee issued by Petroleos Mexicanos (PEMEX; local currency A-/Stable/–-; foreign currency BBB-/Stable/–-), the controlling company, a decentralized entity from the United Mexican States government. Kot is a captive reinsurance company owned by PEMEX and is located in Switzerland. Kot directly writes almost all of PEMEX's insurance protection, as the reinsurer does not assume risks...
Companies mentioned in this report are:
- Kot Insurance Co. A.G.
- Petroleos Mexicanos
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