Press Release - MAY 17, 2017
A.M. Best Maintains Under Review With Developing Implications Status for Credit Ratings of Macau Life Insurance Company Limited
| ||Vivian Cheung |
Senior Financial Analyst
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+852 2827 3413
Manager, Public Relations
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Director, Public Relations
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FOR IMMEDIATE RELEASE
HONG KONG - MAY 17, 2017
A.M. Best has maintained the under review with developing implications status for the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of Macau Life Insurance Company Limited (MLIC) (Macau).
The developing implications status reflects the possibility that the Credit Ratings (ratings) may change, although the direction of any ratings change is uncertain.
Maintaining the under review status is a follow-up to the rating actions taken by A.M. Best on Nov. 17, 2016. On June 2, 2016, Dah Sing Financial Holdings Limited and Macau Insurance Company Limited announced that they agreed to divest of 100% of MLIC’s shares. The acquirer of these shares, Fujian Thai Hot Investment Co., Ltd. (Thai Hot), is a Fujian, China-based company that invests in China’s property, health care and financial services sectors. The transaction is still open and pending regulatory approval. The extended under review status reflects the uncertainty regarding Thai Hot’s credit profile and how future business plans could impact MLIC.
MLIC’s ratings will remain under review until the close of the transaction and A.M. Best completes its discussions with the company’s management team. In addition, any potential rating impact from actual or anticipated changes to MLIC’s credit profile and business plans will be assessed. Additionally, A.M. Best will factor its view of Thai Hot’s credit profile into the final rating determination.
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 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.
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