The revised outlook reflects BMIC's continued favorable risk- adjusted capitalization while maintaining profitable operations and acceptable performance of its mortgage loans. Additionally, the ratings of BMIC continue to reflect its well established marketing presence and cultural knowledge of Latin American countries.
The recent increase in its exposure to commercial mortgage loans with a concentration in
The ratings of BMIIC are based upon its consistent profitability, net premium growth, adequate level of risk-adjusted capitalization and a demonstrated commitment by the parent company,
Positive rating movements for BMIC and BMIIC are unlikely at the present to near term as all key financial metrics are reflected in the current ratings. Rating drivers that may lead to negative rating actions include increased exposure to mortgage loans or deterioration in performance of the companies' acquired mortgage loans, a decline in operating earnings, disruption in the business model in key international markets or a significant decrease in risk- adjusted capitalization.
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of
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