SINGAPORE, July 15 (Bernama-BUSINESS WIRE) — AM Best has downgraded the Financial Strength Rating to B (Fair) from B++ (Good) and the Long-Term Issuer Credit Rating to “bb+” from “bbb” of Provident Insurance Corporation Limited (PICL) (New Zealand). Concurrently, AM Best has placed these Credit Ratings (ratings) under review with negative implications.
The ratings reflect PICL’s balance sheet strength, which AM Best categorizes as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
