Moody's affirms Fortis Insurance

Moody's Investors Service said it affirmed the A3 insurance financial strength rating of Fortis Insurance Co. (Asia) Ltd. and the Baa1 backed senior unsecured debt rating of Fortis Capital (Asia) Ltd., a wholly-owned subsidiary of Fortis Insurance.

The outlook remains positive.

The ultimate parents are Fortis SA/NA and Fortis NV, which have issuer ratings of A1 with a stable outlook.

The action follows Moody's downgrade of the ratings of Fortis Group on June 27. Moody's said the affirmation reflects the fact that Fortis Insurance business and financial profiles have not changed materially, even after taking into account adverse developments at the parent company level.

The rating considers the benefits deriving from the level of implicit support available to Fortis Insurance as one of Fortis' key insurance subsidiaries in Asia, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.