April 24, 1999
| | |
| ||
| April 24, 1999 | atimes.com | |
| ||
| Japan Economy Moody's downgrades three Japanese insurers, confirms one (Excerpted text of a statement from Moody's) TOKYO - Moody's Investors Service Thursday downgraded the insurance financial strength ratings of Sumitomo Life, Mitsui Mutual Life and Tokyo Mutual Life and confirmed the insurance financial strength rating of Asahi Mutual Life. The actions reflect Moody's assessment of the effects a weak capital base, low profitability and asset quality issues will have on the risk profiles for these life insurance companies. These rating actions conclude a review initiated on October 26, 1998. The rating outlook for all four companies is negative. The following ratings were lowered: *Sumitomo Life Insurance Company, insurance financial strength rating downgraded to Baa2 from Baa1 *Mitsui Mutual Life Insurance Company, insurance financial strength rating downgraded to Baa3 from Baa2 *Tokyo Mutual Life Insurance Company, insurance financial strength rating downgraded to B2 from B1 The following rating was confirmed: *Asahi Mutual Life Insurance Company, insurance financial strength rating confirmed at Baa3 (Asia Pulse) | |||||||||
 |
|
Front | China | Southeast Asia | Japan | Koreas | India/Pakistan | Central Asia/Russia | Oceania Business Briefs | Global Economy | Asian Crisis | Media/IT | Editorials | Letters | Search/Archive |
back to the top ©1999 Asia Times Online Co., Ltd. |
