AUCKLAND: Global company rating specialist A.M. Best has reaffirmed Tower Limited’s financial strength rating at A- (Excellent). The rating reflects Tower’s balance sheet strength, which A.M. Best assesses as very strong. A.M. Best also noted Tower’s robust financial flexibility and prudent reinsurance programme. Tower Chair, Michael Stiassny welcomes the confirmation from A.M. Best saying this…
Category: Ratings
Corporate Ratings, Insurance Ratings, S&P, Moody’s, Fitch
S&P revises Oman Insurance’s outlook to positive on improved operating performance
DUBAI: Oman Insurance Company is assigned a positive outlook by S&P Global Ratings, based on improved operating performance while affirming an A- rating, a news release said. The rating agency also reaffirmed the capital adequacy of Oman Insurance above the AAA level based on their risk-based capital model. According to S&P, the positive outlook indicates…
Fitch upgrades Reykjavík Energy’s Credit Rating to investment grade
STOCKHOLM: Fitch Ratings has raised Orkuveita Reykjavikur’s (RE) Long-Term Issuer Default Rating (IDR) from BB+ to investment grade ‘BBB-‘ with a Stable Outlook. The upgrade reflects our expectation of an improvement in credit metrics over 2021-2025 and OR’s stable performance in 2020 despite the pandemic, leading to an upward revision of the company’s Standalone Credit…
S&P revises SkyCity’s outlook to stable
AUCKLAND: SkyCity Entertainment Group Limited notified the S&P Global Ratings has revised the outlook for SkyCity’s long-term issuer credit rating and its debt issue ratings from ‘Negative’ to ‘Stable’. S&P Global Ratings has affirmed SkyCity’s long-term issuer credit rating and its debt issue ratings as BBB-. Rating Action Overview – SKYCITY Entertainment Group Ltd.’s earnings…
Fitch upgrades Halyk Bank to ‘BBB-‘ from ‘BB+’; outlook stable
LONDON: Fitch Ratings has upgraded Halyk Bank’s Long-Term Issuer Default Ratings (IDR) to ‘BBB-‘ from ‘BB+’, the outlook is Stable. As a result, the Bank’s rating was upgraded from speculative to investment grade. For the first time in the history of the country, a private commercial bank in Kazakhstan received an investment grade rating from…
Fitch revises outlook on ANZ to stable
SYDNEY: Australia and New Zealand Banking Group (ANZ) confirms Fitch Ratings (Fitch) revised the outlook on the long-term Issuer Default Rating (IDR) for ANZ, and its wholly-owned New Zealand subsidiary ANZ Bank New Zealand Limited (ANZNZ), to stable from negative. Fitch affirmed ANZ’s and ANZNZ’s long-term IDR at ‘A +’. Fitch also reaffirmed all the…
Fitch revises outlook on Westpac Banking Corporation to stable
SYDNEY: Westpac notes that Fitch Ratings (Fitch) has today revised the Outlook for Westpac Banking Corporation’s Long Term Issuer Default Rating (IDR) to ‘Stable’, from ‘Negative’. The change in ratings outlook reflects Fitch’s view of the improved economic prospects in Australia. Fitch has affirmed Westpac Banking Corporation’s long-term issuer credit ratings at ‘A+’, and ‘F1’…
SalMar ASA assigned A- investment grade rating by Nordic Credit Rating
OSLO: Nordic Credit Rating has today assigned a first-time long-term issuer rating of A- with a stable outlook to SalMar ASA. “The credit rating reflects SalMar’s strong profitability relative to its peer group, which is due to its cost-efficient production and excellent farming locations. The rating further reflects the company’s strong cash flow and moderate…
Kongsberg Gruppen assigned “A-“ rating from Nordic Credit Rating
OSLO: Nordic Credit Rating (NCR) has on 7 April 2021 assigned an “A-“ long-term issuer credit rating on Kongsberg Gruppen ASA with a “stable outlook”. The issuer credit rating confirms KONGSBERG’s financial policy of having a solid balance sheet, and should contribute to ensuring access to debt financing at competitive terms also going forward. The…
Moody’s affirms CNP Assurances’ financial strength rating
PARIS: Credit rating agency Moody’s has affirmed its financial strength and subordinated notes ratings for CNP Assurances despite the unprecedented health and financial crisis. As previously, the A1 financial strength rating (with stable outlook) for the Group does not include any specific uplift linked to CNP Assurances’ shareholding structure. In its press release published on…
Ratings of CNA Financial intact after cyber attack
OLDWICK: Global rating agency, AM Best has maintained the Credit Ratings of CNA Financial Corporation (CNAF) and its insurance subsidiaries following the company’s disclosure that it sustained a sophisticated cybersecurity attack that caused a network disruption and impacted certain CNAF systems, including corporate email. Based on the information available as of today, AM Best believes…
Fitch assigns investment grade rating to Tritax EuroBox
LONDON: Tritax EuroBox plc announced that Fitch Ratings Limited (Fitch) has assigned a BBB- long-term corporate credit rating to the Company, EuroBox’s first Investment Grade credit rating. Tritax EuroBox invests in a high-quality portfolio of very large, prime logistics real estate assets strategically located across continental Europe. As a result, the ratings condition in the…