Moody’s lifts European insurers

Moody's Investors Service said it upgraded by one notch the debt ratings of the following insurance holding companies: Ageas SA/NV and Ageasfinlux SA; Atradius Finance BV; Bupa Finance plc, Coface SA; Legal & General Group plc and Legal & General Finance plc; NN Group NV; Sampo plc and If Property & Casualty Insurance Holding Ltd.; and Storebrand ASA.

At the same time, the agency upgraded the rating of the Cashes issued by BNP Paribas Fortis SA/NV to Ba2 (hyb) from Ba3 (hyb).

Insurance financial strength ratings were not impacted by this action.

Moody’s said the actions follow the May 29 publication of a new cross sector methodology for assigning instrument ratings for insurers. In this methodology, the agency modified its guidance for rating certain insurance holding company instruments, and specifically now applies narrower notching for certain insurance groups domiciled in locations with enhanced regulatory supervision at a group-wide level.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.