LONDON--(BUSINESS WIRE)--A.M. Best has withdrawn the Financial Strength Rating of C++ (Marginal) and the Long-Term Issuer Credit Rating of “b+” of JSC IC Kazkommerts-Policy (Kazkommerts-Policy) (Kazakhstan) as the company has requested to no longer participate in A.M. Best’s interactive rating process. Kazkommerts-Policy is owned by JSC Halyk Bank (Halyk Bank), a leading retail bank in Kazakhstan. On 29 August 2018, Kazkommerts-Policy’s assets and liabilities were transferred to its sister insurance company, Halyk-Kazakhinstrakh, Insurance Subsidiary Company of Halyk Bank of Kazakhstan, JSC (Kazakhstan).
A.M. Best’s procedure is for a final rating opinion to be produced in conjunction with a rating withdrawal. However, because Kazkommerts-Policy’s balance sheet does not contain any insurance-related assets or liabilities, A.M. Best was unable to produce a final rating opinion.
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