SINGAPORE, Dec 10 (Bernama-BUSINESS WIRE) — AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent). Concurrently, AM Best has affirmed the Indonesia National Scale Rating (NSR) of aaa.ID (Exceptional) of PT Asuransi Tugu Pratama Indonesia Tbk (TUGU) (Indonesia) with a stable outlook.
The Credit Ratings (ratings) reflect TUGU’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The ratings also factor in the neutral impact from TUGU’s ultimate majority parent, PT Pertamina (Persero) (Pertamina), a state-owned energy company in Indonesia.