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S&P removes Asia Capital Reinsurance from CreditWatch negative

S&P Global Ratings affirmed and removed from CreditWatch negative the ratings of Asia Capital Reinsurance Group Pte. Ltd.

The rating agency on Dec. 15 affirmed the Singaporean reinsurer's A- local-currency long-term financial strength and issuer credit ratings, as well as its "axAA" long-term ASEAN regional scale rating. At the same time, the ratings were removed from CreditWatch negative where they were placed in early October.

The outlook is stable.

S&P said the ratings take into account its expectations that the company will maintain its business, investment and capital management strategy following the acquisition of its parent company, ACR Capital Holdings Pte. Ltd., by Shenzhen Qianhai Financial Holdings Co. Ltd. and Shenzhen Investment Holdings Co. Ltd. The company is expected to maintain a satisfactory business risk profile and robust capital adequacy over the next two years at least.

S&P said an upgrade is unlikely for the next one to two years, but the ratings could be raised if the company's operating performance is stronger than its peers' for a sustainable period.

Conversely, the ratings may be lowered if the company's capital adequacy deteriorates or if its business risk profile weakens. A change in its parents' management philosophy could also affect the ratings downward.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.