S&P assigns counterparty ratings to GNP Pensiones

Standard & Poor's Ratings Services has assigned long-term and short-term counterparty credit ratings of mxAA+ and mxA-1+ to GNP Pensiones, the pension unit of Mexican insurer GNP. At the same time S&P has assigned a debt rating of mxAA+ to the company's 2bn peso debt program, which has a four-year life and terms of up to 10 years, the agency said in a statement. The ratings are based on GNP Pensiones' structure as a holding for five other companies, the most important being pension fund manager Afore Profuturo GNP and annuity company Aseguradora Porvenir. Afore Profuturo GNP reported profits of 385mn pesos (US$35.1mn) for 2003, a 69% increase from 239mn pesos the previous year. Assets under management at the company's investment vehicle Siefore Profuturo grew 31% year-on-year to 41.8bn pesos. S&P maintains a stable outlook for GNP Pensiones and its subsidiaries, which should continue to show excellent operational performance, the agency said. To see the full S&P report, in Spanish only, paste the following link in your browser: http://www.bnamericas.com/rc_search_detail.xsql?id_documento=44445&Tx_idioma=E