SINGAPORE, Sept 30 (Bernama-BUSINESS WIRE) — AM Best has downgraded the Financial Strength Rating to C (Weak) from B- (Fair) and the Long-Term Issuer Credit Rating to “ccc+” from “bb-” of Royal Insurance Corporation of Bhutan Limited (RICB) (Bhutan). Concurrently, AM Best has maintained the under review with negative implications status on these Credit Ratings (ratings).
The ratings reflect RICB’s balance sheet strength, which AM Best categorizes as weak, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management (ERM).