S&P rates MetLife Seguros BBB+

Standard & Poor’s said it assigned a long-term BBB+ local-currency issuer credit rating and financial strength rating on MetLife Seguros SA.

The agency also said it assigned the company’s uyAAA national scale rating.

The outlook is stable.

The ratings reflect the company’s BBB+ stand-alone credit profile, S&P said.

The ratings on MetLife Seguros are one-notch higher than the ratings on Uruguay, reflecting an expectation that the entity would not be in default in the event of a sovereign default, the agency said.

This is based on a view that its liquidity position and capitalization metrics would be positive and meet regulatory minimums under a stress-test scenario, S&P said.

The stable outlook reflects an expectation that the company will maintain its strong competitive position and moderately strong financial profile while managing a conservative investment portfolio with high capitalization, the agency said.

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