LONDON: AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Jordan based Arab Orient Insurance Company (gig-jordan) with a stable outlook. The ratings reflect gig-Jordan’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business…
Category: Ratings
Corporate Ratings, Insurance Ratings, S&P, Moody’s, Fitch
Fitch revises outlook on Swisscard to stable
LONDON, UK: Fitch Ratings has revised the Outlook on Swisscard AECS GmbH’s (SC) Long-Term Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at ‘A-‘. Fitch has also affirmed the Short-Term IDR at ‘F1’, a statement said. Swisscard’s Long-Term IDR is driven by its Standalone Credit Profile (SCP), but is also underpinned…
Fitch expects Latvia GDP growth of 4% in 2021
FRANKFURT, GERMANY: Fitch expects Latvia GDP growth of 4% in 2021 due to a stronger performance in 2Q21 than previously expected; and affirmed Latvia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘A-‘ with a stable outlook. Latvia’s ratings are supported by a credible policy framework, EU membership and the benefits of eurozone reserve currency flexibility,…
Serbia GDP growth to moderate to 4.4% in 2022 and 3.9% in 2023: Fitch
LONDON: Fitch Ratings has projected Serbia GDP growth to moderate to 4.4% in 2022 and 3.9% in 2023, while affirmed Serbia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB+’ with a Stable Outlook. Serbia’s rating is supported by a credible macroeconomic policy framework, relatively low inflation, somewhat higher foreign exchange reserves, and stronger governance, human…
Fitch revises Estonia GDP growth forecast to 9.7% this year
FRANKFURT, GERMANY: Fitch Ratings has affirmed Estonia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘AA-‘, ratings reflect strong governance standards and institutions underpinned by EU and eurozone membership, a record of sound fiscal policies that have resulted in low public debt, and a net external creditor position. “These are balanced by lower income per capita…
Fitch predicts higher natural gas price in 2021 & 2022
LONDON: Given the recovering demand and supply challenges as well as strong year-to-date prices, Fitch has revised upwards the natural gas price assumptions for 2021 and 2022. The most significant increases are to European Title Transfer Facility (TTF) gas price assumptions. The current record-high spot prices are driven by extreme weather conditions this year, low…
Fitch Ratings is likely to revise up Mexican GDP growth forecast
NEW YORK: Fitch Ratings is likely to revise up Mexican GDP growth forecasts (currently 5.3% for 2021 and 2.7% for 2022) after stronger-than-expected performance in 2Q21. “The banking system’s improving profitability in 1H21 outpaced expectations as credit quality deterioration was less than expected, particularly at large banks that frontloaded provisions in 2020,” the rating agency…
New India Assurance sustains financial strength rating of B++
SINGAPORE: New India Assurance, having ultimate majority ownership by the Government of India, is exposed to high market risk arising from a notable allocation to domestic equity investments, with market value fluctuations amid the COVID-19 pandemic. It has resulted in elevated volatility in the company’s reported shareholders’ equity in recent years. New India Assurance is…
Next Insurance US gets financial strength rating of A-
OLDWICK: Based on its very strong balance sheet and appropriate enterprise risk management, global insurance sector rating agency, AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Next Insurance US Company, headquartered in Palo Alto, CA. The outlook assigned to these Credit Ratings…
AM Best assigns A- ratings to ASMI Auto Group members
OLDWICK: Insurance sector rating company, AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to ASMI Auto Insurance Company, ECMI Auto Insurance Company and ESMI Auto Insurance Company. The outlook assigned to these Credit Ratings (ratings) is stable. The above mentioned companies are collectively…
Munich Reinsurance moves into Top ranking of global reinsurers
OLDWICK: Munich Reinsurance Company moved into the top spot in AM Best’s annual ranking of the Top 50 Global Reinsurance groups in 2020, marking a return to a position that it last held in 2017. The ranking appears in a new Best’s Market Segment Report, “Global Reinsurance Outlook Remains Stable in a More Uncertain World,” and is based…
Credit ratings of Bondex Insurance Company upgraded
OLDWICK, NEW JERSEY: Insurance rating agency, AM Best has upgraded the Financial Strength Rating to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating to “bbb” (Good) from “bbb-” (Good) of Bondex Insurance Company. The outlook of these Credit Ratings is stable, a news release said. These ratings reflect Bondex’s balance sheet strength, which…