Research Update: S&PCORRECT: Kot Insurance Co. AG Affirmed At 'A-'; Outlook Stable Feb 05
Standard & Poors, February 2005
Abstract
(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 Company A.G.,Petroleos Mexicanos (PEMEX)
Action: Affirmed
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Kot Insurance Company A.G.,Petroleos Mexicanos (PEMEX)
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