AM Best has removed from under review with negative implications and downgraded the Financial Strength Rating (FSR) to C (Weak) from B (Fair) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “ccc+” (Weak) from “bb+” (Fair) of PT Asuransi Jasa Indonesia (Asuransi Jasindo) (Indonesia). The outlook assigned to the FSR is stable while the outlook assigned to the Long-Term ICR is negative.
These Credit Ratings (ratings) reflect Asuransi Jasindo’s balance sheet strength, which AM Best assesses as weak, as well as its marginal operating performance, neutral business profile and marginal enterprise risk management (ERM).
Source: NAM NEWS NETWORK