Moody’s has affirmed the global local currency insurance financial strength rating of Rivoli Reinsurance Company at “A2” but has revised its outlook down to negative.
The change in rating follows Moody’s revision of America Movil’s ratings. The telecoms operator, which has a strong Latin American presence, is the parent of reinsurance captive Rivoli Re.
According to Moody’s, there is a close alignment between the credit profiles of Rivoli Re and American Movil. The credit alignment is reflected in the captive’s status, as well as through its integration with the risk management functions of America Movil.
An upgrade of Rivoli Re's ratings is unlikely in the near term, but a restoration of America Movil's outlook to stable could also lead to a stable outlook for the reinsurance captive.
