SINGAPORE, March 13 (Bernama-BUSINESS WIRE) — AM Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating to “a-” (Excellent) from “a” (Excellent) of Energas Insurance (L) Limited (ENERGAS) (Malaysia). The outlook of these Credit Ratings (ratings) has been revised to stable from negative.
The ratings reflect ENERGAS’ balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. In addition, the ratings factor in neutral impact from the parent company, Petroliam Nasional Berhad (Petronas), which is the national oil and gas company of Malaysia.