The ratings reflect First Capital’s favorable risk-adjusted capitalization, strong operating performance and good business profile. The company’s underwriting leverage has trended downward with steady capital growth. Tapping into its strong business network,
Offsetting rating factors include an increasingly difficult operating environment with more large competitors entering First Capital’s markets. Coupled with regulations that favor cessions to domestic counterparties in some of these markets, finding profitable growth opportunities could be challenging. Finally, while
Positive rating actions are unlikely at present. Negative rating actions could result from a weakening of the company’s business profile or a material decline in risk-adjusted capitalization.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
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Associate Financial Analyst
Chi-Yeung Lok, +65-6589-8400, ext. 211
Senior Financial Analyst
Manager, Public Relations
Assistant Vice President, Public Relations