HONG KONG--(BUSINESS WIRE)--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 these 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 sell 100% of MLIC’s shares to Thaihot Investment (Bermuda) Company Limited (Thai Hot) (Bermuda). MLIC is expected to maintain its current distribution relationship with Banco Comercial de Macau, S.A. after the closing of the transaction. Although the acquisition was completed on Nov. 9, 2017, 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 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. 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. 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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Vivian Cheung, +852 2827 3421
Senior Financial Analyst
Christie Lee, +852 2827 3413
Christopher Sharkey, +1 908 439 2200, ext. 5159
Manager, Public Relations
Jim Peavy, +1 908 439 2200, ext. 5644
Director, Public Relations