S&P affirms Muang Thai

Standard & Poor's said it affirmed its BBB+ rating on Muang Thai Life Assurance Co. Ltd.

The outlook is stable.

The agency said the ratings on Muang Thai Life reflect the company's solid and fast-growing business profile in Thailand's life insurance industry and its strong profitability and supportive capitalization. The ratings are also supported by the technical assistance provided by the minority shareholder Fortis group.

The ratings are moderated by the competitive life insurance market in Thailand that has recently been characterized by negative spreads and limited investment depth due to constraints within the domestic investment environment, S&P added.

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