Upgrades of German insurers' Q-IFS ratings greater than downgrades - Fitch |
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Published
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Mon, 22 Oct 2007 15:10
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MUMBAI (Thomson Financial) - Fitch Ratings said there were more upgrades than downgrades in quantitative insurer financial strength (Q-IFS) ratings of German insurers reflecting continued good profitability of the German non-life insurance market in 2006 despite intensifying competition and a decrease in unrealised gains in insurers' portfolios.Fitch said the greater upgrades were despite the recent cut in the rating outlook for the country's life and non-life market by the ratings agency having recently revised its outlook to negative from stable.The net improvement in the level of Q-IFS ratings also reflects the improved earnings and higher level of capitalisation of some market participants, the ratings agency added.Of the 136 updated ratings, Fitch said it upgraded 12 insurers, downgraded three and affirmed 93. There were three new ratings. 25 ratings were withdrawn because of the unavailability of 2006 data or because they no longer meet Fitch's criteria for Q-IFS ratings.TFN.newsdesk@thomson.comaka/pmiCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Third-quarter rating actions limited despite sub-prime crisis - Fitch 