SINGAPORE--(BUSINESS WIRE)--AM Best has placed under review with positive implications the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) of Himalayan Reinsurance Limited (Himalayan Re) (Nepal).
The Credit Ratings (ratings) of Himalayan Re have been placed under review with positive implications because of AM Best’s expectation that the company will complete a public listing over the near term. The under review with positive implications status reflects the anticipated improvement in the company’s balance sheet strength assessment associated with successful capital raising. In addition to improved financial flexibility, shareholders’ equity is expected to more than double following the successful completion of its initial public offering, in the form of an increase of NPR 3 billion in paid-up capital and additional share premium. The transaction is pending regulatory approval and is due to complete in March 2023. The ratings will remain under review until the successful completion of the initial public offering.
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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Chris Lim, CFA
Senior Financial Analyst
+65 6303 5018
Manager, Public Relations
+1 908 439 2200, ext. 5159
Michael Dunckley, CFA
+65 6303 5020
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098