SINGAPORE, Dec 23 (Bernama-BUSINESS WIRE) — AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of PT Asuransi Tugu Pratama Indonesia Tbk (TUGU) (Indonesia).
The Credit Ratings (ratings) reflect TUGU’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The ratings also factor in a neutral impact from TUGU’s ultimate majority parent, PT Pertamina (Persero) (Pertamina), a state-owned energy company in Indonesia.