Sri Lanka’s Asian Alliance Insurance given ‘B’ rating by Fitch

Aug 23, 2013 (LBO) – Sri Lanka’s Asian Alliance Insurance has been given a ‘B’ insurer financial strength rating with a stable outlook by Fitch. Fitch also gave in a national insurance financial strength and long term credit rating of ‘BBB+(lka)’ with a stable outlook.

Fitch expected operational assistance and synergies with its parent Softlogic Holdings (rated A-(lka) which owned 41.5 percent of the company.

The full statement is reproduced below:

Fitch Publishes Sri Lanka’s Asian Alliance Insurance IFS ‘B’; Outlook Stable

Fitch Ratings-Colombo-22 August 2013: Fitch Ratings Lanka has published Sri Lanka-based Asian Alliance Insurance’s (AAIP) Insurer Financial Strength (IFS) Rating of ‘B’. The agency has also published the National Insurer Financial Strength Rating and the National Long-Term Rating of ‘BBB+(lka)’, respectively. All the ratings are on Stable Outlook.

Key Rating Drivers

AAIP’s ratings reflect Fitch’s expectation of operational assistance and synergistic benefits from its ultimate parent, Softlogic Holdings Plc (SHP; A-(lka)/Stable) based on its 41.54% effective ownership. The ratings al