ICR hikes rating on Chilean insurer CorpSeguros
Ratings agency ICR Chile has lifted Chilean insurer CorpSeguros' debt rating to 'AA' from 'AA-' with a stable outlook.
Annuities-focused CorpSeguros is a unit of CorpGroup Vida Chile, which is majority controlled by the country's construction chamber, with the local Saieh business group as minority shareholder.
ICR said that the ratings upgrade is due to several factors, including ownership, corporate governance, investment strategy and credit risk management.
The construction chamber's investment arm (ILC), which purchased control of CorpSeguros in 2013, has vast experience in the Chilean financial services industry and large holdings in the private pension, health insurance and insurance industries, said ICR.
ICR also said that corporate governance has significantly improved, equity investments have been reduced and fixed-income investments are now better diversified - while a credit risk management system with early warning alerts has been implemented.
The agency noted that the level of investment in the shares of local lender CorpBanca has been substantially reduced.
Controlled by the Saieh group, CorpBanca is in the process of merging with Brazilian banking giant Itaú Unibanco.
ICR is a strategic partner of Canada-based ratings agency DBRS.
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