KUALA LUMPUR, Sept 24 (Bernama) -- A.M. Best has affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of ‘bbb+’ of ECICS Limited (ECICS) (Singapore).
The outlook of the Singapore-based insurance company’s Long-Term ICR has been revised to negative from stable, while the FSR outlook remains stable.
Concurrently, A.M. Best has withdrawn the ratings of ECICS, as the company has requested to no longer participate in A.M. Best’s interactive rating process.
The global rating agency said in a statement that the ratings reflect ECICS’ balance sheet strength – which it categorises as strong – as well as the company’s marginal operating performance, neutral business profile and appropriate enterprise risk management.
The Long-Term ICR outlook revision to negative reflects A.M. Best’s concern with the heightened execution risk related to the ECICS’ plan to return to profitability by rebalancing its portfolio amid difficult market conditions.
More on www.ambest.com
--BERNAMA
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