HONG KONG, June 13 (Bernama-BUSINESS WIRE) -- A.M.
Best has downgraded the financial strength rating to
B++ (Good) from A- (Excellent) and the issuer credit rating to “bbb” from “a-”
of Macau Life Insurance Company
Limited (MLIC) (Macau). Additionally, A.M. Best has
placed the ratings under review with developing implications.
The ratings downgrade reflects the anticipated diminished implicit and explicit support that MLIC will receive from its immediate parent company, Macau Insurance Company Limited (MIC), and both companies’ ultimate parent, Dah Sing Financial Holdings Limited (DSFH), following the June 2, 2016, announcement that DSFH and MIC have entered into an agreement for the divestment of 100% of MLIC’s shares. The acquirer is Fujian Thai Hot Investment Co., Ltd. (Thai Hot), a Fujian, China-based company that invests in China’s property, health care and financial services sectors. The under review status reflects the limited information A.M. Best has on Thai Hot and the heightened uncertainty surrounding the company’s credit profile and how future business plans could impact MLIC.
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