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FOR IMMEDIATE RELEASE
LONDON - SEPTEMBER 07, 2018 08:58 AM (EDT)
A.M. Best has withdrawn the Financial Strength Rating of C++ (Marginal) and the Long-Term Issuer Credit Rating of “b+” of JSC IC Kazkommerts-Policy (Kazkommerts-Policy) (Kazakhstan) as the company has requested to no longer participate in A.M. Best’s interactive rating process. Kazkommerts-Policy is owned by JSC Halyk Bank (Halyk Bank), a leading retail bank in Kazakhstan. On 29 August 2018, Kazkommerts-Policy’s assets and liabilities were transferred to its sister insurance company, Halyk-Kazakhinstrakh, Insurance Subsidiary Company of Halyk Bank of Kazakhstan, JSC (Kazakhstan).
A.M. Best’s procedure is for a final rating opinion to be produced in conjunction with a rating withdrawal. However, because Kazkommerts-Policy’s balance sheet does not contain any insurance-related assets or liabilities, A.M. Best was unable to produce a final rating opinion.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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