RAM Ratings Lifts Developing Rating Watch on HLA, Reinstates Stable Outlook

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1. Media Release RAM Ratings lifts developing Rating Watch on HLA , reinstates stable outlook RAM Ratings has lifted the developing Rating Watch on Hong Leong Assurance Berhad’s (HLA) ratings. Concurrently, we have reinstated the stable outlook on the ratings. This follows an announcement on 4 November 2016 that HLA Holdings Sdn Bhd (HLAH) and Hong Leong Financial Group Berhad had failed to reach an acceptable agreement with Bank Negara Malaysia-approved negotiating parties, on the proposed divestment of HLAH’s equity interest in HLA and Hong Leong MSIG Takaful Berhad. The parties had therefore mutually agreed to cease negotiations. Insurer Financial Strength Ratings RM500 million Subordinated Notes Programme (2013/2025) Analytical contact Siew Shwu Ying (603) 7628 1071 shwuying@ram.com.my Previous Rating(s) Current Rating(s) AA2/P1/RW_Developing AA2/Stable/P1 AA3/RW_Developing AA3/Stable Media contact Padthma Subbiah (603) 7628 1162 padthma@ram.com.my Date of release: 8 November 2016 The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations. RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications. Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.
2. Published by RAM Rating Services Berhad  Copyright 2016 by RAM Rating Services Berhad