SINGAPORE--(BUSINESS WIRE)--A.M. Best has assigned a Long-Term Issuer Credit Rating (rating) of “bbb-” to CBL Corporation Limited (CCL) (New Zealand). The outlook assigned to the rating is stable.
CCL is a listed company on the Australian Securities Exchange and the New Zealand Stock Exchange. The lead insurance subsidiary within this group is CBL Insurance Limited (CBL), a non-life insurer that specializes in writing building- and construction-related credit and financial surety insurance, bonding and reinsurance.
CCL’s rating reflects the use of typical notching from CBL’s current rating, which is “a-”, with a stable outlook. On a consolidated basis, CCL maintains moderate financial leverage, and A.M. Best expects CCL’s interest coverage ratios to continue to support its guideline for the assigned rating.
Factors that may lead to negative rating actions for CCL include deterioration in operating performance in the subsidiary insurance operations or a decrease in CBL’s risk-adjusted capitalization to a level that would no longer support its current ratings.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
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