A.M. Best Downgrades Credit Ratings of CBL Corporation Limited and CBL Insurance Limited; Places Under Review With Negative Implications

SINGAPORE--(BUSINESS WIRE)--A.M. Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb+” from “bbb-” of CBL Corporation Limited (CCL) (New Zealand). Concurrently, A.M. Best also has downgraded the Financial Strength Rating to B++ (Good) from A- (Excellent) and the Long-Term ICR to “bbb+” from “a-” of CBL Insurance Limited (CBL) (New Zealand). These Credit Ratings (ratings) have been placed under review with negative implications.

CCL is a listed company on the Australian Securities Exchange and the New Zealand Stock Exchange. The lead insurance subsidiary within this group is CBL, a non-life insurer that specializes in underwriting building- and construction-related credit and financial surety insurance, bonding and reinsurance.

The rating downgrades reflect the significant deterioration in CCL’s operating performance in fiscal year 2017, due primarily to a NZD 100 million reserve charge to strengthen reserves for CBL’s long-tail French construction insurance business. Management has proposed raising a substantial amount of capital, with details anticipated to be announced over the upcoming weeks, and this is expected to restore overall balance sheet strength to a level that supports the current ratings. In addition, A.M. Best will have further discussions with the company regarding its reserving practice, as well as the long-term profitability of CBL’s long-tail insurance products.

A review of the full-year 2017 results, including the associated actuarial and reserving analysis, is necessary to provide A.M. Best with sufficient information to resolve these questions.

These ratings will remain under review pending the completion of the intended capital raise, an assessment of the adequacy of the strengthened reserves, as well as the corrective actions taken by the management to address the underlying causes of the shortfall in claims reserves.

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. 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.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


A.M. Best
Jason Shum, +65 6303 5020
Associate Director, Analytics
Chi-Yeung Lok, +65 6303 5016
Director, Analytics
Christopher Sharkey, +1 908 439 2200, ext. 5159
Manager, Public Relations
Jim Peavy, +1 908 439 2200, ext. 5644
Director, Public Relations

The Bank of Tokyo-Mitsubishi UFJ, Ltd. Announces Consolidated Summary Report of Mitsubishi UFJ Financial Group, Inc. under Japanese GAAP for the Nine Months Ended December 31, 2017

TOKYO--(BUSINESS WIRE)--The Bank of Tokyo-Mitsubishi UFJ, Ltd.

Consolidated Summary Report [under Japanese GAAP] for the nine months ended December 31, 2017

Company name:   Mitsubishi UFJ Financial Group, Inc.   Stock exchange listings:   Tokyo, Nagoya, New York
Code number: 8306

URL http://www.mufg.jp/

Representative: Nobuyuki Hirano, President & Group CEO
For inquiry: Kazutaka Yoneda, General Manager - Financial Planning Division / Financial Accounting Office

TEL +81-3-3240-3110

Quarterly securities report issuing date:  

February 14, 2018

  Dividend payment date:  
Trading accounts: Established
Supplemental information for quarterly financial statements:   Available
Quarterly investor meeting presentation: None
(Amounts of less than one million yen are rounded down.)

1. Consolidated Financial Data for the Nine Months ended December 31, 2017

(1) Results of Operations   (% represents the change from the same period in the previous fiscal year)
    Ordinary Income   Ordinary Profits  

Profits Attributable to
Owners of Parent

Nine months ended million yen  



million yen  



million yen   %

December 31, 2017









December 31, 2016

  4,319,070   0.7     1,212,200  






(*)Comprehensive income
        December 31, 2017:   1,470,500   million yen,   -   %   ;   December 31, 2016:  


  million yen,   -   %

Basic earnings
per share

  Diluted earnings
per share
Nine months ended yen yen
December 31, 2017 64.86 64.63
December 31, 2016   57.80     57.60  
(2) Financial Conditions
    Total Assets   Total Net Assets   Equity-to-asset ratio (*)
As of million yen million yen %

December 31, 2017

312,515,743 17,601,906 5.2

March 31, 2017

  303,297,433     16,658,394    


(Reference) Shareholders’ equity as of   December 31, 2017:   16,194,993   million yen;     March 31, 2017:   15,280,268   million yen
(*) “Equity-to-asset ratio” is computed under the formula shown below
        (Total net assets - Subscription rights to shares - Non-controlling interests) / Total assets

2. Dividends on Common Stock

    Dividends per Share
1st quarter-end   2nd quarter-end   3rd quarter-end   Fiscal year-end   Total
Fiscal year   yen   yen   yen   yen   yen
ended March 31, 2017 -     9.00     -     9.00     18.00    
ending March 31, 2018 -     9.00     -                
ending March 31, 2018 (Forecast)                           9.00       18.00    
(*) Revision of forecasts for dividends on the presentation date of this Consolidated Summary Report : None

3. Earnings Target for the Fiscal Year ending March 31, 2018 (Consolidated)

MUFG has the target of 950.0 billion yen of profits attributable to owners of parent for the fiscal year ending March 31, 2018.
(There is no change to our earnings target released on May 15, 2017.)
MUFG is engaged in financial service businesses such as banking business, trust banking business, securities business and credit card/loan businesses. Because there are various uncertainties caused by economic situation, market environments and other factors in these businesses, MUFG discloses a target of its profits attributable to owners of parent instead of a forecast of its performance.

* Notes

(1) Changes in significant subsidiaries during the period: No
(2) Adoption of any particular accounting methods for quarterly consolidated financial statements: No
(3) Changes in accounting policies, changes in accounting estimates and restatements
(A) Changes in accounting policies due to revision of accounting standards: No
(B) Changes in accounting policies due to reasons other than (A): No
(C) Changes in accounting estimates: No
(D) Restatements: No
(4) Number of common stocks outstanding at the end of the period
(A) Total stocks outstanding including treasury stocks:  

December 31, 2017


March 31, 2017

(B) Treasury stocks:

December 31, 2017


March 31, 2017

(C) Average outstanding stocks: Nine months ended December 31, 2017 13,311,369,048 shares
Nine months ended December 31, 2016 13,614,152,099 shares

* This “Consolidated Summary Report” (Quarterly “Tanshin”) is outside the scope of the external auditor’s quarterly review procedure.

* Notes for using forecasted information etc.

1. This financial summary report contains forward-looking statements regarding estimations, forecasts, targets and plans in relation to the results of operations, financial conditions and other overall management of the company and/or the group as a whole (the “forward-looking statements”). The forward-looking statements are made based upon, among other things, the company’s current estimations, perceptions and evaluations. In addition, in order for the company to adopt such estimations, forecasts, targets and plans regarding future events, certain assumptions have been made. Accordingly, due to various risks and uncertainties, the statements and assumptions are inherently not guarantees of future performance, may be considered differently from alternative perspectives and may result in material differences from the actual result. For the main factors that may affect the current forecasts, please see Consolidated Summary Report, Annual Securities Report, Disclosure Book, Annual Report, and other current disclosures that the company has announced.

2. The financial information included in this financial summary report is prepared and presented in accordance with accounting principles generally accepted in Japan (“Japanese GAAP”). Differences exist between Japanese GAAP and the accounting principles generally accepted in the United States (“U.S. GAAP”) in certain material respects. Such differences have resulted in the past, and are expected to continue to result for this period and future periods, in amounts for certain financial statement line items under U.S. GAAP to differ significantly from the amounts under Japanese GAAP. For example, differences in consolidation basis or accounting for business combinations, including but not limited to amortization and impairment of goodwill, could result in significant differences in our reported financial results between Japanese GAAP and U.S. GAAP. Readers should consult their own professional advisors for an understanding of the differences between Japanese GAAP and U.S. GAAP and how those differences might affect our reported financial results. To date, we have published U.S. GAAP financial results only on a semiannual and annual basis, and currently do not expect to publish U.S. GAAP financial results for the period reported in this financial summary report.

Above is part of the Consolidated Summary Report of Mitsubishi UFJ Financial Group, Inc. under Japanese GAAP for the nine months ended December 31, 2017.
Mitsubishi UFJ Financial Group (MUFG) makes available financial reports and highlights of MUFG group companies including those of The Bank of Tokyo-Mitsubishi UFJ, Ltd. Please refer to MUFG's website for full information.


The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Jun Kobayashi, +81-3-3240-1111
Chief Manager
Corporate Administration Division

Azure Roof Power to Electrify 152 Schools under Ministry of Human Resource Development Across Six States

NEW DELHI--(BUSINESS WIRE)--$AZRE #AzurePowerSolar--Azure Power (NYSE: AZRE), one of India’s leading independent solar power producers, announced it has won a 11.35 megawatts (MWs) solar rooftop power project. This is the largest allocation for this auction, 60% of the total. Azure Power will sign the power purchase agreement with Navodaya Vidyalaya Samiti, an autonomous body under Ministry of Human Resource Development, Government of India. Azure Power qualifies for a capital incentive from Navodaya Vidyalaya Samiti, which is expected to result in a weighted average levelized tariff of INR 4.97 (~US cents 7.7) per kWh. The solar rooftops will be spread across 152 schools and six states, including Uttar Pradesh, Madhya Pradesh, Rajasthan, Karnataka, Chhattisgarh and Kerala.

Azure Roof Power offers superior rooftop solar power solutions for commercial, industrial, government, and institutional customers in cities across India to lower their energy bill and meet their greenhouse gas (GHG) emission reduction targets. With over 150 MWs of high quality, operating and committed solar assets across 20 states, Azure Roof Power has one of the largest rooftop portfolios in the country. Azure Roof Power has a well-diversified customer base with majority portfolio contracted with Government of India backed entities. Azure Roof Power customers include large commercial real estate companies, a leading global chain of premium hotels, distribution companies in smart cities, warehouses, Delhi Metro Rail Corporation, Indian Railways, a Delhi water utility company and various Government of India Ministries.

Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power said “Azure Power offers tremendous value to its customers within the solar rooftop category across various segments. Azure Roof Power helps lower the energy costs of its customers and meet their greenhouse gas (GHG) emission reduction targets. In addition, it provides roof owners with an assured stream of cash flows through lease rentals or revenue share. Our long history of superior solar power operations across various rooftop customer segments have helped us win this project. In 2013, we built India’s first MW scale rooftop project in Gandhinagar under the smart city initiative, while recently, we have worked on electrifying various educational institutes and Government of India facilities pan India.”

About Azure Power

Azure Power (NYSE: AZRE) is a leading independent solar power producer in India with a portfolio of over 1,600 MWs across several states and union territories. With its in-house engineering, procurement and construction expertise and advanced in-house operations and maintenance capability, Azure Power provides low-cost and reliable solar power solutions to customers throughout India. It has developed, constructed and operated solar projects of varying sizes, from utility scale, rooftop to mini & micro grids, since its inception in 2008. Highlights include the construction of India’s first private utility scale solar PV power plant in 2009 and the implementation of the first MW scale rooftop project under the smart city initiative in 2013.

For more information, visit: www.azurepower.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s future financial and operating guidance, operational and financial results such as estimates of nominal contracted payments remaining and portfolio run rate, and the assumptions related to the calculation of the foregoing metrics. The risks and uncertainties that could cause the Company’s results to differ materially from those expressed or implied by such forward-looking statements include: the availability of additional financing on acceptable terms; changes in the commercial and retail prices of traditional utility generated electricity; changes in tariffs at which long term PPAs are entered into; changes in policies and regulations including net metering and interconnection limits or caps; the availability of rebates, tax credits and other incentives; the availability of solar panels and other raw materials; its limited operating history, particularly as a new public company; its ability to attract and retain its relationships with third parties, including its solar partners; its ability to meet the covenants in its debt facilities; meteorological conditions and such other risks identified in the registration statements and reports that the Company has filed with the U.S. Securities and Exchange Commission, or SEC, from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and the Company assumes no obligation to update these forward-looking statements.


Azure Power
Nathan Judge, CFA
Investor Relations
Samitla Subba, +91-11- 4940 9854