SINGAPORE, Dec 20 (Bernama-BUSINESS WIRE)– AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” of Provident Insurance Corporation Limited (PICL) (New Zealand). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings were placed under review with negative implications in July 2019, which reflected uncertainty around the finalization of PICL’s year-end March 2019 financial position, including the impact arising from recording a notable provision for a previous contingent tax liability, as well as prospective expectations concerning the company’s medium-term balance sheet fundamentals. These rating actions follow the conclusion of AM Best’s assessment of the company’s current and prospective financial position.
http://mrem.bernama.com/viewsm.php?idm=36470