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FOR IMMEDIATE RELEASE
HONG KONG. - NOVEMBER 07, 2013 12:00 AM (EST)
A.M. Best Asia-Pacific Limited has affirmed the financial strength rating of B (Fair) and the issuer credit rating of “bb+” of ACS (NZ) Limited (ACS) (New Zealand). The outlook for both ratings is stable. Concurrently, A.M. Best has withdrawn the ratings in response to management's request to no longer participate in A.M. Best’s interactive rating process.
ACS’ risk-adjusted capitalization is supportive of its current ratings; however, the large amount of gross outstanding claims potentially makes the company vulnerable to expense shocks and claims cost inflation.
The methodology used in determining these interactive ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
Ratings are communicated to rated entities prior to publication, and unless stated otherwise, the ratings were not amended subsequent to that communication.
A.M. Best Asia-Pacific Limited is a subsidiary of A.M. Best Company. A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.