OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has placed under review with negative implications the Financial Strength Rating of C+ (Marginal) and the Long-Term Issuer Credit Rating of “b-” of Cooperativa de Seguros de Vida de Puerto Rico (COSVI) (San Juan, Puerto Rico).
The under review status with negative implications reflects A.M. Best continuing concerns about COSVI’s exposure to Puerto Rico bonds and the volatility this represents to COSVI’s capital and surplus. A.M. Best also is concerned about a potential decline in either absolute or risk-adjusted capital at year-end 2017 once the company’s annual statement is filed. The ratings will remain under review until A.M. Best has received COSVI’s 2017 annual statement and conducted conversations with the company’s management team regarding the results contained in the filing.
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