S&P drops QBE Hongkong & Shanghai Insurance

Standard & Poor's said it lowered its insurer financial strength rating on QBE Hongkong & Shanghai Insurance Ltd. to A from A+ in response to the withdrawal of the guarantee from QBE Reinsurance (Europe) Ltd. (A+/stable).

At the same time, the rating on QBE Hongkong Shanghai was removed from CreditWatch where it was placed on May 11, the agency said.

The outlook is stable.

The A/stable rating on QBE Hongkong Shanghai reflects the entity's stand-alone financial strength, as well as the insurer's strategic importance to QBE Insurance Group Ltd. (core operating entities rated A+/stable), the agency said.

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