Investor Relations

Rating Scale

Insurer Financial Strength Ratings

Last update: 2 August 2019

Ratings from "AA" to "CCC" may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

Ratings*Comments
"AAA"An insurer rated "AAA" has EXTREMELY STRONG financial security characteristics. "AAA" is the  highest Insurer Financial Strength Rating assigned by Standard & Poor’s.
"AA"An insurer rated "AA" has VERY STRONG financial security characteristics, differing only slightly from those rated higher.
"A"An insurer rated "A" has STRONG financial security characteristics, but is somewhat more likely to be affected by adverse business conditions than are insurers with higher ratings.
"BBB"An insurer rated "BBB" has GOOD financial security characteristics, but is more likely to be affected by adverse business conditions than are higher rated insurers.
"BB", "B", "CCC" and "CC"
An insurer rated "BB" or lower is regarded as having vulnerable characteristics that may outweigh its strengths. "BB" indicates the least degree of vulnerability within the range and "CC" the highest.
"BB"An insurer rated "BB" has MARGINAL financial security characteristics. Positive attributes exist, but adverse business conditions could lead to insufficient ability to meet financial commitments.
"B"An insurer rated "B" has WEAK financial security characteristics. Adverse business conditions will likely impair its ability to meet financial commitments.
"CCC"An insurer rated "CCC" has VERY WEAK financial security characteristics, and is dependent on favourable business conditions to meet financial commitments.
"CC"An insurer rated "CC" has EXTREMELY WEAK financial security characteristics and is likely not to meet some of its financial commitments.
"SD" and "D"An insurer rated "SD" (selective default) or "D" is in default on one or more of its insurance policy obligations.

 * Based on the S&P Long-Term Insurer Financial Strength Ratings.

Outlook

A Standard & Poor's rating outlook assesses the potential direction of a long-term credit rating over the intermediate term (typically six months to two years). In determining a rating outlook, consideration is given to any changes in the economic and/or fundamental business conditions.


Data source: Standard & Poor's Ratings Services

 

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