Moody’s rates Heungkuk F&M, debt Baa1

Moody's Investors Service said it assigned a Baa1 insurance financial strength rating to Heungkuk Fire & Marine Insurance Co., Ltd. (Heungkuk F&M).

The outlook is stable.

In addition, the agency assigned a Baa3 rating to its proposed issuance of subordinated securities.

Moody’s said the Baa1 insurance financial strength rating reflects Heungkuk F&M's relatively low risk investment portfolio, diversified distribution channels, and improving outlook for profitability.

These credit strengths are offset by its limited operating scale, less favorable product mix and relatively weak capital adequacy levels, the agency noted.

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