Best’s News & Research Service - August 10, 2023 09:53 AM (EDT)
AM Best Maintains Under Review With Negative Implications Status for Credit Ratings of Fubon Insurance Vietnam Co., Ltd.
- August 10, 2023 09:53 AM (EDT)
Singapore //BestWire// - AM Best has maintained the under review with negative implications status for the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Fubon Insurance Vietnam Co., Ltd. (Fubon Vietnam) (Vietnam).
The actions on these Credit Ratings (ratings) follow the maintenance of AM Best’s under review with negative implications status for the ratings of Fubon Vietnam’s parent company, Fubon Insurance Co., Ltd. (Fubon Insurance) (Taiwan) on 4 August 2023 (see related press release). Ongoing uncertainty remains around the credit profile of Fubon Insurance. Fubon Vietnam’s ratings incorporate rating enhancement from its ownership and integration with Fubon Insurance. As a result, AM Best needs to assess the impact of further near-term developments on the credit profile of Fubon Insurance to determine its continued ability to provide explicit support to Fubon Vietnam.
The under review with negative implications status on Fubon Vietnam’s ratings reflects the need for AM Best to fully assess the company’s eligibility to continue receiving rating enhancement from its parent. The ratings will remain under review pending completion of AM Best’s assessment of the credit rating fundamentals of Fubon Insurance.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.