Fitch Ratings Limited and Moody’s Investors Service Limited have assigned FWD Group Holdings Limited its inaugural investment grade credit ratings.
In a statement, FWD Group said that Fitch assigned the company a long-term issuer default rating of BBB+, with a stable outlook. At the same time, Fitch affirmed the group’s core life insurance operating entities’ insurer financial strength (IFS) rating of A.
Meanwhile, Moody’s assigned the FWD Group an issuer rating of Baa2, with a positive outlook. It also assigned a notional insurance financial strength rating of A3 to the FWD Group’s major life insurance operating entities.
“Achieving investment grade credit ratings at the FWD Group level is a testament to our strong financial position, healthy business profile and disciplined approach to growth,” said Huynh Thanh Phong, group chief executive officer and executive director of FWD Group. “We’re celebrating our 10th anniversary this year and this is another vote of confidence in our strategy and the pan-Asian insurance company that we've built. Our ability to make the insurance journey simpler, faster, and smoother for customers helps enable us to capture the significant opportunities in Asia’s underserved life insurance market.”
“Our investment grade credit ratings will allow us to more effectively and efficiently access the credit markets through FWD Group Holdings Limited as we continue to execute our growth strategy,” said Jon Nielsen, managing director and group chief financial officer of FWD Group.
FWD Group also shared that it recently completed a reorganization, and that with its completion, FWD Group Holdings Limited became the principal issuing entity for future debt issuances for the FWD Group as well as the sole entity through which equity investors hold their ownership interests. Also, it has become the issuer under the notes and capital securities issued by FWD Limited and FWD Group Limited.
Fitch also removed the rating watch from FWD Life Insurance Company (Bermuda) Limited’s IFS rating and has upgraded Japan-based FWD Life Insurance Company Limited’s IFS rating to A with a stable outlook and PT FWD Insurance Indonesia’s national IFS rating to A+(idn) with a stable outlook.
