Moody’s boosts FWD

Moody’s Investors Service said it upgraded FWD Ltd.’s issuer and senior unsecured debt ratings to Baa2 from Baa3, as well as the rating of the company's subordinated perpetual capital securities to Ba1(hyb) from Ba2(hyb). Moody's has also changed the outlook on FWD to stable from positive.

Moody’s noted that in the fourth quarter of 2021, shareholder PCGI Holdings Ltd. and other investors pumped in $1.6 billion into parent FWD Group Holdings Ltd. bolstering capital buffers at both the group and operating subsidiary levels.

“The upgrade reflects the increased group-level regulatory oversight on FWD Ltd. after the implementation of Hong Kong SAR, China's Group-Wide Supervision (GWS) framework and the strengthened capital position and financial flexibility of FWD Group, due to capital injections from shareholders and other investors over the past 12 months,” the agency said in a press release.

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