A.M. Best has downgraded the Financial Strength Rating to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating to "bbb+" from "a-" of Trust International Insurance & Reinsurance Company B.S.C. (c) Trust Re (Trust Re) (Bahrain). The Credit Ratings (ratings) remain under review with negative implications.
The ratings reflect Trust Re's balance sheet strength, which A.M. Best categorises as very strong, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management (ERM).
The rating downgrades reflect A.M. Best's revised assessment of Trust Re's ERM and governance frameworks following extended delays in the release of its audited financial statements for the year-ended Dec. 31, 2017. The under review with negative implications status reflects uncertainty regarding the financial position of Trust Re in light of the delayed publication of the company's financial statements.