Fitch Revises Misr Insurance Company's National IFS to 'AAA(egy)'
Fitch Ratings has revised Egypt's Misr Insurance Company's National Insurer Financial Strength (IFS) Rating to 'AAA(egy)' from 'AA+(egy)'. The Outlook is Stable.
The rating action follows the recalibration of Egypt's National Ratings Table after the downgrade of Egypt's sovereign rating (see 'Fitch Downgrades Egypt to 'B-'; Outlook Stable', dated 3 November 2023 at www.fitchratings.com).
KEY RATING DRIVERS
The revision of Misr's National IFS Rating follows the recalibration of Egypt's National Ratings Table.
National Ratings reflect the relative strengths and weaknesses of each issuer in a specific jurisdiction designed to help local investors differentiate risk and are not comparable with Fitch's international rating scales or with other countries' national rating scales. Egyptian national scale ratings are denoted by the unique identifier '(egy)'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
-- A substantially lower domestic share and weaker profitability on a sustained basis.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
-- Misr has the highest rating on Fitch's National Scale for Egypt and an upgrade is therefore not possible.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.