Moody’s reviews Rivoli Re

Moody's Investors Service said it placed Rivoli Reinsurance Co.’s (Rivoli Re) A2 global local currency insurance financial strength rating on review for downgrade.

Rivoli Re is the captive reinsurance subsidiary of America Movil, SAB de CV (senior unsecured ratings of A2, on review for downgrade).

This action follows Moody's action on America Movil's ratings announced on Dec. 15.

Moody's said the action on Rivoli Re's mirrors the review for downgrade on America Movil's rating, given the close linkages between Rivoli Re's credit profile and that of America Movil. This credit alignment is reflected by Rivoli Re's status as captive reinsurer of America Movil, as well by its integration with the risk management functions of, and oversight by America Movil.

Rivoli Re's rating also benefits from implicit and explicit parental support, which includes America Movil's guarantee of Rivoli Re's obligations related to its reinsurance operations, the agency explained.

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