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29 October, 2014 09:24 AM Source: Lanka Business Online - LBO
Fitch Ratings.jpg

Oct 28, 2014 (LBO) – Sri Lanka’s Fitch Ratings has downgraded the national insurer financial strength rating and national long term rating of Asian Alliance Insurance to 'BBB(lka)' from 'BBB+(lka)' placing both ratings on rating watch negative.

The agency has also placed the insurer’s financial strength rating of 'B' on rating watch negative.

The full statement is reproduced below:-

Fitch Downgrades Asian Alliance Insurance's National IFS Rating to 'BBB(lka)'

Fitch Ratings-Hong Kong/Colombo/Singapore-27 October 2014: This commentary replaces the version published earlier today to correct the action taken on the IFS rating. The corrected version is as follows:

Fitch Ratings Lanka has downgraded Sri Lanka-based Asian Alliance Insurance PLC's (AAIP) National Insurer Financial Strength Rating and National Long-Term Rating to 'BBB(lka)' from 'BBB+(lka)' and placed both ratings on Rating Watch Negative(RWN). The agency has also placed AAIP's Insurer Financial Strength (IFS) Rating of 'B' on RWN.

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