TEXT-S&P afrms 'A-' rtg on Bangkok Insurance; off CW neg; otlk neg - Reuters

(The following statement was released by the rating agency)

May 16 -

Overview

-- Bangkok Insurance's capitalization remains supportive for the rating despite a significant weakening in recent months.

-- We are affirming our 'A-' local currency counterparty credit and insurer financial strength ratings on Bangkok Insurance. We are also lowering the ASEAN regional scale rating on the Thailand-based non-life insurer to 'axAA-' from 'axAA'.

-- We are removing all the ratings from CreditWatch, where they were placed with negative implications on Nov. 22, 2011.

-- The negative outlook reflects the uncertainty over the Thailand flood losses and the volatile investment market's impact on the company's financial profile.

Rating Action

On May 16, 2012, Standard & Poor's Ratings Services affirmed its 'A-' local currency long-term counterparty credit and insurer financial strength ratings on Bangkok Insurance Public Co. Ltd. The outlook is negative. We also lowered the ASEAN regional scale rating on the company to 'axAA-' from 'axAA'. At the same time, we removed all the ratings from CreditWatch, where they were placed with negative implications on Nov. 22, 2011.

16 May, 2012

-
Source: http://www.reuters.com/article/2012/05/16/idUSWLB982420120516
--
Manage subscription | Powered by rssforward.com