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S&P Credit Research1113 word report
published Nov 03, 2009
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S&P Credit Research
| Abstract: | Standard&Poor's Ratings Services' rating on Brazilian insurance group Sul América S.A. reflects the challenges the company faces in the competitive environment of the Brazilian insurance market following recent consolidations. Offsetting this weakness are the company's consistent finances and well-established competitive position in Brazil's health and auto insurance segments. Sul América has been posting better profits in the past few years and reducing its debt leverage, since it benefits from good cash flow. An effective management strategy of focusing on profitability and brand recognition has helped the company achieve these results. Sul América's 2008 operating performance was satisfactory. The company posted net income of Brazilian reais (R$) 416 million ($178 million)--a good return on revenue (ROR) of 5.4% and
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Sul AmA¬rica S.A. Publication date: 03-Nov-2009 Primary Credit Analyst: Ricardo Brito, Sao Paulo (55) 11 3039-9733; ricardo_brito@standardandpoors.com Secondary Credit Analyst: Milena Zaniboni,...
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| Report Type: | Summary
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| Ticker: | SULA11@BZ
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| Issuer: | Sul America S.A.
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| GICS: | Multi-line Insurance (40301030)
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| Sector: | Global Issuers, Structured Finance
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| Country: | Brazil
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| Region: | Latin America
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
Also from S&P Credit Research
- Sul América S.A. $400.00
Strong competitive position in its core markets Clear corporate strategy Satisfactory operating performance Sound capitalization Highly competitive insurance market in Brazil Standard&Poor's Ratings Services' rating on Brazilian insurance group ...
- Sul América S.A. Upgraded To 'BB-', Sul América Companhia Nacional de Seguros To 'BB+'; Outlook Stable $100.00
Sul América has been delivering solid and consistent financial performance over the past few years. As a result of its demonstrated commitment to profitability, we are raising the ratings on the holding company, including raising the counterparty ...
- Research Update: Sul América SA Upgraded To 'BB-' From 'B+, Sul América Companhia Nacional de Seguros To 'BB+' From 'BB'; Outlook Stable $175.00
Sul América has been delivering solid and consistent financial performance over the past few years. As a result of its demonstrated commitment to profitability, we are raising the ratings on the holding company, including raising the counterparty ...
- Sul America S.A. $400.00
Strong franchise, with diversification by product line and geography Improved operating profitability Clear corporate strategy, focusing on operational profitability and continued franchise development Strong improvement on leverage and capitalization ...
- Summary: Sul America S.A. $175.00
Standard&Poor's Ratings Services' ratings on Sul America S.A. (SASA) reflect its status as a nonoperational holding company for the SulAmérica insurance group and the structural subordination of the holding company's creditors to policyholders ...
- Sul America S.A. Counterparty Credit Rating Raised To 'B+'; Outlook Positive $100.00
SAO PAULO (Standard&Poor's) April 4, 2008--Standard&Poor's Ratings Services said today that it raised its long-term counterparty credit and senior unsecured debt ratings on Brazil-based insurance holding company Sul América S.A. (SASA) to 'B+' ...
- Research Update: Sul America S.A. Upgraded To 'B+'; Outlook Positive $175.00
On April 4, 2008, Standard&Poor's Ratings Services raised its long-term counterparty credit and senior unsecured debt ratings on Brazil-based insurance holding company Sul América S.A. (SASA) to 'B+' from 'B'. At the same time, we raised the ...
- Sul America S.A. $400.00
Solid position in terms of market share and brand name Improving cash flow and performance of the operating subsidiaries Structural subordination of the holding company's creditors to policyholders of the operating entities Leveraged capital ...
