Research Update: Kot Insurance Co. A.G. Ratings Affirmed At 'A' On Strong Capitalization Apr 11
Standard & Poors, April 2011
Abstract
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. On April 13, 2011, Standard & Poor's Ratings Services 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 Petr-leos Mexicanos (PEMEX; foreign currency: BBB/Stable/--; local currency: A/Stable/--)...
Companies mentioned in this report are: Kot Insurance Company A.G.,Petroleos Mexicanos (PEMEX)
Action: Affirmed
Action: Outlook: Stable
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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