GCR withdraws UAP Insurance South Sudan Limited’s national scale rating
Johannesburg, 21 February 2018 — Global Credit Ratings (“GCR”) has today withdrawn the national scale claims paying ability rating assigned to UAP Insurance South Sudan Limited (“UAP South Sudan”). At the last review in September 2017, GCR downgraded the insurer’s rating to BBB-(SS) from BBB+(SS), reflecting the deterioration in UAP South Sudan’s credit profile. The latter was premised on the insurer’s material aggregated exposure to a related party, which was exacerbated by lower than anticipated performance on the underlying earning asset. Furthermore, the rating was placed on Negative Outlook, noting the potential for these sources of rating pressures to persist. No updated analysis has been done by GCR. The withdrawal was at the request of the client. Accordingly, GCR will no longer provide ratings or analytical coverage of UAP South Sudan.
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