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A.M. Best Withdraws Credit Ratings of ECICS Limited

September 21, 2018

SINGAPORE--(BUSINESS WIRE)--Sep 21, 2018--A.M. Best has affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” of ECICS Limited (ECICS) (Singapore). The outlook of the Long-Term ICR has been revised to negative from stable, while the FSR outlook remains stable. Concurrently, A.M. Best has withdrawn the ratings of ECICS, as the company has requested to no longer participate in A.M. Best’s interactive rating process.

The ratings reflect ECICS’ balance sheet strength, which A.M. Best categorizes as strong, as well as the company’s marginal operating performance, neutral business profile and appropriate enterprise risk management.

The Long-Term ICR outlook revision to negative reflects A.M. Best’s concern with the heightened execution risk related to the ECICS’ plan to return to profitability by rebalancing its portfolio amid difficult market conditions.

The rating affirmations acknowledge ECICS’ solid risk-adjusted capitalization, supported by low underwriting leverages and good asset quality albeit declining in recent years. These positive rating factors are offset partially by ECICS’ operating performance, which compares unfavorably with peers, as the company seeks growth in new lines of business in a challenging operating landscape.

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 web page. For additional information regarding the use and limitations of Credit Rating opinions, please view . For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view .

A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit for more information.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com:https://www.businesswire.com/news/home/20180921005449/en/

CONTACT: A.M. Best

Faith Tan, +65 6303 5017

Financial Analyst

faith.tan@ambest.com

or

Christopher Sharkey, +1 908 439 2200, ext. 5159

Manager, Public Relations

christopher.sharkey@ambest.com

or

Chi Yeung Lok, +65 6303 5018

Director, Analytics

chi-yeung.lok@ambest.com

or

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

Director, Public Relations

james.peavy@ambest.com

KEYWORD: EUROPE ASIA PACIFIC SINGAPORE

INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE INSURANCE

SOURCE: A.M. Best

Copyright Business Wire 2018.

PUB: 09/21/2018 12:49 PM/DISC: 09/21/2018 12:49 PM

http://www.businesswire.com/news/home/20180921005449/en

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