AM BEST WITHDRAWS CREDIT RATINGS OF MANDAL DAATGAL JSC
HONG KONG, March 6 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) of Mandal Daatgal JSC (Mandal) (Mongolia). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.
The ratings reflect Mandal’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
Mandal’s balance sheet strength is supported by its risk-adjusted capitalisation, which AM Best estimated to be at the very strong level as of year-end 2022, as measured by Best’s Capital Adequacy Ratio (BCAR); however, the absolute size of its capital base remains small at MNT 29.1 billion (USD 8.3 million).
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