SINGAPORE, Oct 4 (Bernama-BUSINESS WIRE) — AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb+” of EQ Insurance Company Limited (EQI) (Singapore). The outlook of the FSR remains stable.
These Credit Ratings (ratings) reflect EQI’s balance sheet strength, which AM Best categorizes as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). These ratings also factor in a neutral holding company impact from EQI’s 100% ultimate ownership by Citystate Capital Asia Pte. Ltd.