Fitch Ratings has affirmed Maxseguros EPM’s Insurer Financial Strength (IFS) rating at “BBB”.
Maxseguros EPM captive reinsurance company is a core subsidiary in charge of managing the risks and structuring the insurance coverage for the Empresas Publicas de Medellin EPM group.
The rating reflects the strategic importance of Maxseguros EPM to its parent.
Key rating triggers that may lead to a downgrade include negative changes in availability and willingness of Empresas Publicas de Medellin to provide support to its captive.
Fitch has also affirmed Empresas Publicas de Medellin’s Local Currency Issuer Default Rating (IDR) at “BBB”.
This reflects Empresas Publicas de Medellin’s low business risk resulting from it business diversification and characteristics as a utility service provider.
The company's ratings also reflect its solid credit protection measures, which are supported by low leverage, healthy interest coverage and strong liquidity position.
