SINGAPORE--(BUSINESS WIRE)--A.M. Best has commented that the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of Tugu Insurance Company Limited (TIC) (Hong Kong) remain unchanged. The outlook of these Credit Ratings (ratings) remains negative.
This follows a disclosure by TIC’s parent, PT Tugu Pratama Indonesia (TPI), that TPI intends to dispose of its shares in TIC. Further details of the disposal, including the level of capital to be maintained in TIC, have not yet been disclosed.
A.M. Best considered the risks related to the intended disposal in its Feb. 24, 2017, rating update, which stated that a material decline in TIC’s capital position could result in negative rating action.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.
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