S&P gives mxA- rating to GMX

Standard & Poor's Rating Services has assigned a long-term counterparty rating of mxA- to Mexican insurer Grupo Mexicano de Seguros ( GMX), S&P said in a statement. The rating is based on the level of experience and knowledge the company possesses in its niche market as well as its adequate level of capitalization. However, its low profitability levels and relatively short operation history are limiting factors, S&P said. GMX specializes in personal liability insurance and its casualty insurance line is seen as having good growth prospects. For the first nine months of the year, GMX reported direct premiums of 178mn pesos (US$15.8mn), up 53% from the same period in 2002.