SINGAPORE: Moody’s Investors Service has taken rating actions on 11 Indian banks following sovereign downgrade. Rating action has been taken on following banks: Bank of Baroda (BOB), Bank of India (BOI), Canara Bank (Canara), Central Bank of India (CBI), Export-Import Bank of India (EXIM India), HDFC Bank Limited (HDFC Bank), Indian Overseas Bank (IOB), IndusInd…
Category: Ratings
Corporate Ratings, Insurance Ratings, S&P, Moody’s, Fitch
AM Best revises outlook on Spanish insurance market
LONDON: AM Best has assigned a negative market segment outlook to the Spanish life insurance market. Key supporting factors include AM Best’s expectation of a negative impact on earnings and solvency metrics due to the financial market volatility and global recession driven by the coronavirus (COVID-19) pandemic, a reduced demand for savings products and an…
COVID-19 throws spotlight on London Market modernisation
LONDON: While many London Market participants began 2020 generally optimistic on the back of signs of pricing improvement, the COVID-19 pandemic has cast a shadow over performance expectations for the rest of the year. It has also thrown a spotlight on the market’s modernisation efforts and might even accelerate some long-awaited changes to the way…
AM Best affirms credit ratings of M&C General Insurance Company
OLDWICK: AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of M&C General Insurance Company Limited (M&C General) (Castries, St. Lucia). The outlook of these Credit Ratings is stable. The ratings reflect M&C General’s balance sheet strength, which AM Best categorizes as very strong, as…
AM Best affirms credit ratings of Pacific LifeCorp and its subsidiaries
OLDWICK: Global insurance sector rating agency, AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” of the members of Pacific Life Group (Pacific Life): Pacific Life Insurance Company and Pacific Life & Annuity Company. Both companies are headquartered in Newport Beach, CA. Additionally,…
AM Best affirms credit ratings of Redbridge Insurance with stable outlook
MEXICO CITY: AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of Redbridge Insurance Company Limited (RICL) of Barbados. The outlook of these Credit Ratings remains stable. The ratings reflect RICL’s balance sheet strength, which AM Best categorizes as very strong, as well as its…
AM Best downgrades credit ratings of Consumer Insurance Services Limited
SINGAPORE: AM Best has downgraded the Financial Strength Rating to B+ (Good) from B++ (Good) and the Long-Term Issuer Credit Rating to “bbb-” from “bbb” of Consumer Insurance Services Limited (CISL) of New Zealand. The outlook of these Credit Ratings has been revised to stable from negative. The ratings reflect CISL’s balance sheet strength, which…
S&P Global Ratings upgrades its ratings for ContourGlobal PLC
LONDON: S&P Global Ratings (S&P) has upgraded the ContourGlobal PLC (CG) issuer credit rating to ‘BB’ from ‘BB-‘, its subsidiary ContourGlobal Power Holdings (CGPH) to ‘BB’ from ‘BB-‘, and the CGPH senior secured debt to ‘BB+’ from ‘BB’. The Rating Outlook is Stable. According to S&P, the upgrade to ‘BB’ from ‘BB-‘ reflects CG’s stable…
CapitaLand launches ecommerce platforms to complement sales of shopping malls in Singapore
SINGAPORE: CapitaLand will be launching an ecommerce platform eCapitaMall, and an online food ordering platform Capita3Eats to complement sales of its shopping malls in Singapore. Both platforms will be accessible by the public via CapitaLand’s CapitaStar app and mall websites from 1 June 2020. eCapitaMall is a curated digital mall featuring the merchandise of retailers,…
ACRA Agency assigned credit rating to the exchange-traded bonds of PJSC Magnit
KRASNODAR: PJSC Magnit, one of Russia’s leading retailers, announces the assignment of the credit rating by ACRA Agency to the exchange-traded bonds of PJSC Magnit. On May 22, 2020 ACRA (Analytical Credit Rating Agency (Joint Stock Company) assigned credit rating AA (RU) to the exchange-traded bonds of PJSC Magnit. The credit rating of the Company…
Reinsurers brace for pandemic-fueled spate of mortgage losses
OLDWICK: With mortgage delinquency rates expected to dramatically increase due to COVID-19 pandemic-related forbearance and job loss, AM Best has explored the spillover effect into the mortgage-related activities of the reinsurance industry. Reinsurers have been assuming incrementally more U.S. mortgage risk from two main sources: Fannie Mae and Freddie Mac (i.e., the government-sponsored enterprises [GSEs]);…
AM Best revises outlook to negative on Colombia’s insurance industry
MEXICO CITY: AM Best has revised its market segment outlook to negative from stable on Colombia’s insurance industry, owing mainly to the COVID-19 pandemic and the resulting economic damage, which will strain the segment considerably. A new Best’s Market Segment Report, titled, “Market Segment Outlook: Colombia Insurance,” states that economic conditions in the country have…