Credit-Rating affirms Belarus-domiciled TASK Insurance Company at byA
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it affirmed at byA the long-term credit assigned to Belarus-domiciled TASK Closed Joint-Stock Insurance Company (‘company’). The outlook on the rating is stable. In the course of analysis Credit-Rating considered company’s financial statements for 3Q2009 and its other inside information, including that obtained from conversations between the Credit-Rating’s experts and the company’s representatives. All meaningful aspects of the company have been analyzed.
An obligor or a debt liability with byA credit rating is characterized with the HIGH STRONG creditworthiness as compared to other Belarusian obligors or debt liabilities. This level of creditworthiness is susceptible to adverse changes in commercial, financial and economic conditions.
Stable outlook indicates that there are no anticipated reasons to change the rating in the course of the year.
Factors maintaining the credit rating
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Company’s leading positions in the Belarusian insurance sector, in fact the company is the 3rd by the amount of insurance premiums raised and reimbursements paid; the company’s business is realized via a wide-spread regional network that covers all country’s regions.
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High quality of assets that represent insurance reserves.
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Absence of debt burden and indebtedness on loans.
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A moderate specific gravity of expenses for case handling in the insurance payments earned.
Factors constraining the credit rating
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Necessity for augmentation of the capital under expanding company’s insurance business.
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Disbalance of insurance portfolio, with high concentrations in motor insurance, which is accompanied by gradually rising unprofitability of this type of insurance.
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Increasing portion of claimed by not paid losses, which was in excess of 1/5 of overall volume of insurance reserves in 9M2009.
Information on all credit ratings assigned in accordance with the National Rating Scale may be found in REUTERS and BLOOMBERG information systems.
For more information, please contact:
Information and
analytic department
Sergey Rozumyak +38044490 25 50
SRozumyak@credit-rating.com.ua
Denis
Rudenko
DRudenko@credit-rating.ua
