Best, Downgrades

A.M. Best has downgraded the Financial Strength Rating to C (Weak) from C+ (Marginal) and the Long-Term Issuer Credit Rating to “ccc+” from “b-” of JSC Salem Insurance Company (Salem) (Kazakhstan).

18.08.2017 - 15:30:21

A.M. Best Downgrades Credit Ratings of JSC Salem Insurance Company; Places Credit Ratings Under Review With Negative Implications. Concurrently, A.M. Best has placed these Credit Ratings (ratings) under review with negative implications.

The ratings have been placed under review with negative implications, as A.M. Best needs to assess the implications of the regulatory action on the company’s profile and its ability to continue to write insurance business in Kazakhstan. Additional regulatory action, for example full suspension or withdrawal of the company’s insurance licence, or deterioration in Salem’s risk-adjusted capitalisation, likely will result in further negative rating actions.

This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.

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