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Singapore insurer NTUC Income gets rated 'AA-' by S&P Global
S&P Global Ratings has affirmed its "AA-" local currency long-term issuer credit rating and financial strength rating on life and general insurer NTUC Income Insurance Co-operative.The cooperative earned an "A+" long-term issue rating for its subordinated debt from the agency, reflecting the positive views S&P Global has on the Singapore insurer.
S&P Global Ratings in a press statement issued on Dec 31 announced the ratings it has for NTUC Income, and the respective ratings are:
- stand-alone credit profile: elevated from "a-" to "a",
- subordinated debt: affirmed "A+", and
- local currency long-term issuer credit rating: affirmed "AA-".
S&P Global Ratings believes that NTUC Income's risk position has improved based on the insurer's reduced dependence on non-traditional forms of capital and its managed exposure to risky assets.
"We have therefore revised upward our assessment of the insurer's financial risk profile, " S&P Global Ratings said in the statement.
Further, it expects NTUC Income to maintain its solid competitive position and high likelihood of extraordinary support from the Singapore government.
"The stable outlook over the next 12-24 months reflects our view that NTUC Income will maintain its very strong linkage with, and important role for, the Singapore government."