MINSK, 6 May (BelTA) - Fitch Ratings has affirmed Belarusian Republican Unitary Insurance Company's (Belgosstrakh) Insurer Financial Strength (IFS) Rating at 'B'. The Outlook is Stable, BelTA learned from the agency.
Belgosstrakh's rating and Outlook are aligned with Belarus's Long-Term Local-Currency Issuer Default Rating (IDR). The rating reflects Belgosstrakh's 100% state ownership, strong market position in the local insurance sector, the presence of guarantees for insurance liabilities under compulsory lines and the insurer's leading market position in a number of segments in Belarus.
A change in Belarus's Local-Currency Long-Term IDR is likely to lead to an equivalent change in Belgosstrakh's IFS Rating, the agency said.