A.M. Best Assigns Issuer Credit Rating to CBL Corporation Limited

SINGAPORE--(BUSINESS WIRE)-- A.M. Best has assigned a Long-Term Issuer Credit Rating (rating) of “bbb-” to CBL Corporation Limited (CCL) (New Zealand). The outlook assigned to the rating is stable.

CCL is a listed company on the Australian Securities Exchange and the New Zealand Stock Exchange. The lead insurance subsidiary within this group is CBL Insurance Limited (CBL), a non-life insurer that specializes in writing building- and construction-related credit and financial surety insurance, bonding and reinsurance.

CCL’s rating reflects the use of typical notching from CBL’s current rating, which is “a-”, with a stable outlook. On a consolidated basis, CCL maintains moderate financial leverage, and A.M. Best expects CCL’s interest coverage ratios to continue to support its guideline for the assigned rating.

Factors that may lead to negative rating actions for CCL include deterioration in operating performance in the subsidiary insurance operations or a decrease in CBL’s risk-adjusted capitalization to a level that would no longer support its current ratings.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

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.

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A.M. Best

Jason Shum, +65 6589 8400, ext. 217

Senior Financial Analyst

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Moungmo Lee, +65 6589 8400, ext. 210

Managing Director, Analytics

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Jim Peavy, +1 908 439 2200, ext. 5644

Director, Public Relations

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Source: A.M. Best