TUGU INSURANCE COMPANY DROPS AM BEST RATING PARTICIPATION

KUALA LUMPUR, June 3 (Bernama) -- Global credit rating agency, AM Best has withdrawn the financial strength rating of B+ (Good) and the long-term issuer credit rating of “bbb-” (Good) of Hong Kong’s Tugu Insurance Company Limited (TIC).

At the time of the withdrawal, the outlook of these credit ratings (ratings) is stable, and the rating withdrawals follow TIC's request due to its strategic decision to discontinue its participation in AM Best's interactive rating process.

In a statement, AM Best said its procedure is for a final rating opinion to be produced in conjunction with a rating withdrawal.

However, in this case, a final rating opinion could not be provided due to a lack of sufficient updated financial information and business plans necessary to support such an assessment.

Headquartered in the United States, AM Best does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.

-- BERNAMA