A.M. Best Downgrades Credit Ratings of CBL Corporation Limited and CBL Insurance Limited; Places Under Review With Negative Implications
CCL is a listed company on the
The rating downgrades reflect the significant deterioration in CCL’s operating performance in fiscal year 2017, due primarily to a
A review of the full-year 2017 results, including the associated actuarial and reserving analysis, is necessary to provide
These ratings will remain under review pending the completion of the intended capital raise, an assessment of the adequacy of the strengthened reserves, as well as the corrective actions taken by the management to address the underlying causes of the shortfall in claims reserves.
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
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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