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Research Update: J. Malucelli Seguradora National Scale Rating Raised To 'brAA-' From 'brA-', Off Watch, As Financial Profile Improves Mar 12
Standard & Poors, March 2012
Our rating on the Brazil-based insurer has been on CreditWatch with positive implications since Nov. 5, 2010, following the announcement that Travelers had acquired from Brazil-based Paran- Banco 43.4% of the common stock of the holding company that fully controls J. Malucelli Seguradora. We have seen a strengthening in the insurance group's financial profile based on a capital injection when Travelers became a shareholder. We are raising our national scale rating on J. Malucelli Seguradora to 'brAA-' from 'brA-'. The outlook is stable, reflecting our expectation that the firm will sustain its leadership in the Brazilian surety market and that its financial profile will remain supportive of the rating. On March 26, 2012, Standard & Poor's Ratings Services raised its...
Companies mentioned in this report are: J. Malucelli Seguradora S.A.,The Travelers Cos. Inc.,Parana Banco S.A
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.
J. Malucelli Seguradora S.A.,The Travelers Cos. Inc.,Parana Banco S.A