Moody's downgrades outlook on 13 Argentine insurers
Moody’s downgraded the outlook on 13 insurers and six financial guarantors following the downgrade of the country’s outlook to negative from stable. The move was triggered by a potential fallout from economic policy uncertainty which might exert downward pressure on the companies' credit profiles, the rating agency explained.
Around half of the investments of Argentina's insurers are directly or indirectly in public debt, Lionel Moure, a partner at the Argentine unit of Deloitte, commented. The presidential elections in the country, scheduled for October, are also a contributing factor as there is no clarity who will win and what economic policy they will adopt.Original source: BNA - English News