MEXICO CITY: S&P Global Ratings has placed its ‘BBB’ long-term and ‘A-2’ short-term issuer credit ratings on Multibank on CreditWatch negative following Banco de Bogotá’s announcement of its intentions to acquire Multibank. The acquisition’s closing is pending approvals form the respective authorities and regulators. The CreditWatch placement is based on a likelihood that Multibank could…
INOVEST, net profit, earning per share, financial results
MANAMA, BAHRAIN: INOVEST, a Category 1 Investment Firm (Shari’a Principles) regulated by the Central Bank of Bahrain and publicly listed on both Bahrain Bourse and Boursa Kuwait, announced its financial results for the first nine months of 2019, reporting a consolidated net profit attributable to parent shareholders of US$5.01 million, representing a 59% decline as…
BHB commences subscription in the 19th issue of Government Development Bond
MANAMA, BAHRAIN: Bahraini and non-Bahraini investors can now directly subscribe through the primary market of Bahrain Bourse (BHB) in the Government Development Bond Issue 19 (BHD 185 million) that has been issued by the Central Bank of Bahrain (CBB). Bahrain Bourse (BHB) is issuing the bonds on behalf of the Government of Bahrain by executing…
Tabreed posts net profit of AED 329.1 million
ABU DHABI, UAE: National Central Cooling Company (Tabreed) released its consolidated financial results for the first nine months of 2019, reporting an increase of 3.1% in the net profit to AED 329.1 million. Tabreed is the leading international district cooling developer based in UAE. The company continues to meet the growing demand for district cooling…
AM Best affirms ratings of Spirit Insurance and Radius Insurance
OLDWICK: AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” of Spirit Insurance Company and Radius Insurance Company. The outlook of these Credit Ratings is stable. The ratings reflect Spirit and Radius’ balance sheet strength, which AM Best categorizes as very strong, as well as…
AM Best affirms credit ratings of MetLife, Inc. and its subsidiaries
OLDWICK: AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” of the New York based Metropolitan Life Insurance Company (MLIC) and Metropolitan Tower Life Insurance Company, collectively referred to as MetLife Insurance Group. Additionally, AM Best has affirmed the Long-Term ICR of…
AM Best affirms credit ratings of General de Seguros
MEXICO CITY: AM Best has affirmed the Financial Strength Rating of A- (Excellent), the Long-Term Issuer Credit Rating of “a-”, and the Mexico National Scale Rating (NSR) of “aaa.MX” of General de Seguros, S.A.B. (Genseg). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Genseg’s balance sheet strength, which AM Best categorizes…
Outlook on Japan non-life insurance market stable
HONG KONG: AM Best has maintained a stable market segment outlook on Japan’s non-life insurance segment, as domestic insurers record profitable underwriting performance despite significant catastrophe losses. However, according to a new AM Best report, the recent consumption tax hike and ongoing global trade tensions could create pressure on the insurance companies operating in the…
Mexico insurance industry outlook stable: AM Best
MEXICO CITY: The AM Best rating company is maintaining a stable market segment outlook on Mexico’s insurance market. The stable outlook is based on the strong balance sheets of the insurance companies operating in the country, backed by robust reinsurance programs, according to a new AM Best report. A new Best’s Market Segment Report, titled,…
Kiwibank Ltd. ‘A/A-1’ ratings affirmed; outlook positive
MELBOURNE: S&P Global Ratings has affirmed its ‘A’ long-term and ‘A-1’ short-term issuer credit ratings on Kiwibank Ltd. The outlook on the long-term rating is positive, reflects the view that the bank’s risk appetite is now converging with that of its peers. “It also reflects our expectation that following recent management changes, a clear and…
Derwent London signs a new 5-tear £450 million revolving credit facility
LONDON: Derwent London has agreed and signed a new five-year £450 million revolving credit facility (RCF) from HSBC UK, Barclays and NatWest. The financing includes a ‘green’ tranche of £300 million, making it the first revolving credit facility provided to a UK REIT that meets the LMA Green Loan Principles. Derwent is the largest London-focused…
Altus Strategies completes royalty and property transaction with Desert Gold
LONDON: Altus Strategies, the Africa focused project and royalty generator, announced the successful completion of the royalty and property sale transaction with Desert Gold Ventures Inc. on the Company’s contiguous Sebessounkoto Sud and Djelimangara gold projects located in western Mali. The transaction has closed in accordance with the Term Sheet between Altus and Desert Gold,…