SINGAPORE, Oct 9 (Bernama-BUSINESS WIRE) —AM Best has removed from under review with negative implications and downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” from “bbb+” and affirmed the Financial Strength Rating of B++ (Good) of Tune Protect Re Ltd. (TPR) (Malaysia). The outlook assigned to these Credit Ratings (ratings) is negative.
The ratings reflect TPR’s balance sheet strength, which AM Best categorises as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.