MUMBAI - Fitch Ratings retained Turkiye Genel Sigorta AS's 'A+(tur)' national insurer financial strength rating on positive watch.
The company was initially placed on the watch list after the Mapfre Group said it has agreed with Cukurova Group - the owner of Genel Sigorta - to acquire an 80 pct stake in the company.
The watch status will be resolved upon completion of the acquisition, expected in the third quarter, and may result in an upward revision of the rating by more than one notch, Fitch said, reflecting the benefits that Genel Sigorta is expected to receive from its highly-rated potential new shareholder Mapfre.