S&P rates Income Insurance notes A

S&P said it assigned Income Insurance Ltd. an AA- issuer rating and an A rating to its Singapore-dollar denominated subordinated hybrid debts. On Sept. 1, NTUC Income Insurance Co-operative Ltd. spun off Income Insurance.

“Our ratings reflect our expectation that Income Insurance will retain the extraordinary support from the Singapore government through NTUC Enterprise Co-operative Ltd. NTUC Enterprise is the majority shareholder of Income Insurance,” S&P said in a press release.

The outlook is stable.

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