Articles from AM Best

AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa+” (Superior) of Massachusetts Mutual Life Insurance Company (MassMutual) (domiciled in Springfield, MA) and its life/health subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company (both domiciled in Enfield, CT). Concurrently, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of “aa-” (Superior) on the surplus notes of MassMutual and “aa+” (Superior) on notes issued under the funding agreement-backed securities programs of MassMutual Global Funding II. The outlook of these Credit Ratings (rating) is stable. (See below for a detailed listing of the Long-Term IRs and Short-Term Issue Credit Rating [Short-Term IR]).

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of First Catholic Slovak Ladies Association of the United States of America (FCSLA) (Beachwood, OH).

AM Best has affirmed the Financial Strength Rating of A (Excellent), the Long-Term Issuer Credit Rating of “a+” (Excellent) and the Mexico National Scale Rating of “aaa.MX” (Exceptional) of MAPFRE Fianzas, S.A. (MAPFRE Fianzas) (Mexico City, Mexico). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of MAPFRE Panamá S.A. (MAPFRE Panamá) (Panama City, Panama). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of “A” (Excellent), the Long-Term Issuer Credit Rating of “a+” (Excellent) and the Mexico National Scale Rating of “aaa.MX” (Exceptional) of MAPFRE México, S.A. (MAPFRE Mexico) (Mexico City, Mexico). The outlook of these Credit Ratings (ratings) is stable.

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Al Fujairah National Insurance Company PJSC (AFNIC) (United Arab Emirates) [UAE].

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of Commonwealth Annuity and Life Insurance Company (Brighton, MA), First Allmerica Financial Life Insurance Company (Brighton, MA), Forethought Life Insurance Company (Indianapolis, IN), Accordia Life and Annuity Company (Des Moines, IA), and its affiliates, Global Atlantic Re Limited (Bermuda) and Global Atlantic Assurance Limited (Bermuda). These subsidiaries are referred to collectively as Global Atlantic Group (Global Atlantic). AM Best also has affirmed the Long-Term ICR of bbb+” (Good) of Global Atlantic Financial Group Limited (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) of East Africa Reinsurance Company Limited (EARe) (Kenya). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of Gulf Insurance Group (Gulf) B.S.C. (c) (GIG Gulf) (Bahrain). The outlook of these Credit Ratings (ratings) is stable.

AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb+” (Good) of CICA Life Insurance Company of America (CICA). The outlook of the FSR is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of MAPFRE S.A.’s (MAPFRE) rated operating subsidiaries. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of companies and ratings.)

AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa+” (Superior) of the property/casualty (P/C) members of Houston Casualty Group. The lead P/C members are headquartered in Houston, TX, except for HCC Reinsurance Company Limited (Hamilton, Bermuda). AM Best also has affirmed the FSR of A++ (Superior) and the Long-Term ICR of “aa+” (Superior) of HCC Life Insurance Company (HCC Life) (Indianapolis, IN). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed list of the P/C companies.)

AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings of “aa+” (Superior) of Philadelphia Indemnity Insurance Company and its affiliate, Tokio Marine Specialty Insurance Company (both headquartered in Bala Cynwyd, PA), which operate under a pooling agreement, collectively referred to as Philadelphia Insurance Companies (Philadelphia). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” (Superior) of First Insurance Company of Hawaii, Ltd. (FICOH) (Honolulu, HI) and its reinsured subsidiaries, collectively referred to as First of Hawaii Group. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and ratings).

AM Best Managing Director Greg Williams appears as the featured guest in the current episode of Canadian Underwriter’s “What’s on Dec?” podcast to provide an outlook for Canada’s property/casualty (P/C) insurance sector.

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B+ (Good), the Long-Term Issuer Credit Rating of “bbb-” (Good) and the Mexico National Scale Rating of “aa-.MX” (Superior) of Quálitas Compañía de Seguros S.A. de C.V. (Quálitas) (Mexico City, Mexico).

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Azuaga - Companhia de Seguros S.A. (Azuaga) (Portugal). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of MMG Insurance Company (MMG) (Presque Isle, ME).

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Marble Reinsurance Corporation (Marble Re) (Micronesia). The outlook of these Credit Ratings (ratings) is stable.

AM Best has placed under review with developing implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of TruSpire Retirement Insurance Company (TruSpire) (Irving, TX).

AM Best has revised the implications of the under-review status to developing from negative for the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Ratings of “bbb” (Good) of PacificSource Health Plans (PSHP) (Springfield, OR). Concurrently, AM Best has withdrawn these Credit Ratings (ratings) as PSHP requested to no longer participate in AM Best’s interactive rating process.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of International General Insurance Co. Ltd., (IGICL) (Bermuda), International General Insurance Company (UK) Limited (IGIUK) (United Kingdom) and International General Insurance Company (Europe) Ltd. (IGI Europe) (Malta). All of these are subsidiaries of International General Insurance Holdings Ltd. (IGI) (Bermuda) [NASDAQ: IGIC]. Concurrently, AM Best has affirmed the Long-Term ICR of “bbb” (Good) of IGI. The outlook of these Credit Ratings (ratings) is stable.

Issuer Credit Rating (rating) upgrades on U.S. property/casualty (P/C) insurers ticked upward slightly in the first half of 2025 at 18 compared with the same prior-year period, while the number of downgrades held steady at 20, according to a new AM Best special report.

AM Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Peak Reinsurance Company Limited (Peak Re) (Hong Kong) and its subsidiaries, Peak Reinsurance AG (Switzerland) and Peak Reinsurance North America Ltd. (Bermuda), remain unchanged following the announcement that funds managed by KKR & Co. Inc. (KKR) and Quadrantis Capital have entered into definitive agreements to acquire minority stakes in Peak Re via its sole and direct holding company, Peak Reinsurance Holdings Limited (Peak Re Holdings), through the purchase of shares from Fosun International Limited (Fosun) (the transactions).

U.S. life/annuity (L/A) insurers increased private credit holdings by 6% in 2024 with the level doubling over the past decade, according to a new AM Best report.

AM Best will host its annual Middle East and North Africa (MENA) market briefing on Tuesday, 25 November 2025, at Kempinski The Boulevard in Dubai.

AM Best will join a panel discussion at the 2025 Shanghai International Reinsurance Conference, which is taking place 21-24 October 2025 in Shanghai, China.

AM Best’s Insurance Market Briefing - Singapore International Reinsurance Conference (SIRC) will discuss trends and developments affecting Asia-Pacific (re)insurance markets on Tuesday, 4 November 2025, as part of the 21st annual SIRC event.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of AMEX Assurance Company (AMEX) (headquartered in Chicago, IL). The outlook of these Credit Ratings (ratings) is stable.

In its October issue, Best’s Review examines what the impact of autonomous vehicles may be on the insurance industry. Although the World Economic Forum projects that adoption of fully autonomous vehicles in private passenger auto won’t happen for another decade, insurers are already getting a glimpse of the future—including increased repair costs and shifts in legal liability—through partially automated vehicles that use advanced driver-assist technology. Read more about the changing landscape for insurers here.

AM Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) to MIEC Mutual Risk Retention Group (MIEC Mutual). The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Medical Insurance Exchange of California (MIEC). The outlook of these ratings is stable. These companies comprise a newly formed group, MIEC Group and are headquartered in Oakland, CA.

Despite progress on sweeping reforms to its insurance regulations, Argentina remains a volatile environment for insurers due to high inflation, currency depreciation and investment uncertainty, which pressures solvency ratios and complicates capital management, according to a new AM Best commentary.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Constitution Insurance Company (Constitution) (Cambridge, NY). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of China Taiping Insurance (Singapore) Pte. Ltd. (CTPIS) (Singapore). The outlook of these Credit Ratings (ratings) is stable. CTPIS is a wholly owned subsidiary of China Taiping Insurance Holdings Company Limited, which is ultimately majority owned by China Taiping Insurance Group Ltd. (TPG), a China state-owned financial and insurance group.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Luen Fung Hang Insurance Company Limited (LFH) (Macau). The outlook of these Credit Ratings (ratings) is stable.

AM Best will speak and exhibit at the European Captive Forum, which will be held 5-6 November 2025 in Luxembourg.

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” (Fair) of Discovery Insurance Company (Discovery) (Kinston, NC).

AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) of Kenya Reinsurance Corporation Limited (Kenya Re) (Kenya). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Compagnie Centrale de Réassurance (CCR) (Algeria). The outlook of these Credit Ratings (ratings) is stable.

AM Best has extended the deadline for the 2026 Student Challenge to Monday, Oct. 20, 2025. This provides even more undergraduate and graduate-level students with the opportunity to develop and showcase innovative solutions for risk management and insurance.

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Dah Sing Insurance Company Limited (DSI) (Hong Kong).

AM Best has withdrawn the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa” (Superior) of XL Insurance Company of New York, Inc. (XL Insurance NY) (New York, NY). At the time of the withdrawal, the outlook of these Credit Ratings (ratings) is stable. XL Insurance NY is no longer actively writing business. As a result, XL Insurance NY has requested to no longer participate in AM Best’s interactive rating process and AM Best is withdrawing the rating.

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of BTG Pactual Resseguradora S.A. (BTG Re) (São Paulo, Brazil) and BTG Pactual Seguros S.A. (BTG Seguros) (São Paulo, Brazil). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has assigned the Brazil National Scale Rating (NSR) of “aaa.BR” (Exceptional) to BTG Re and BTG Seguros. The outlook assigned to the NSR is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” (Excellent) of the operating subsidiaries of Essent Group Ltd., which are Essent Guaranty, Inc. (domiciled in Radnor, PA) and Essent Reinsurance Ltd. (Hamilton, Bermuda) (collectively referred to as Essent). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of GIG Insurance - Egypt S.A.E. (GIG-Egypt) (Egypt). The outlook of these Credit Ratings (ratings) is stable.

AM Best has removed from under review with negative implications and downgraded the Financial Strength Rating to A- (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Rating to “a-” (Excellent) from “aa-” (Superior) of Guarantee Company of North America USA (GCNA US) (Southfield, MI). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of The West of England Ship Owners Mutual Insurance Association (West or the Club) (Luxembourg). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Gulf Insurance Group – Jordan (GIG Jordan) (Jordan). The outlook of these Credit Ratings (ratings) is stable.

AM Best and Best’s Insurance Professional Resources have released the latest installment of the Best's Insurance Law Podcast series, which examines timely insurance issues from a legal perspective.

AM Best will lead a session, sponsor and exhibit at the inaugural Thailand Reinsurance Conference, which is taking place 30 October to 1 November 2025 in Bangkok.

AM Best’s video, Our Mission, has been named a Diamond winner in the Best Corporate Communications Award category of the 2025 Pinnacle Marketing & Communication Awards. View the winning video here.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of the European Mutual Association for Nuclear Insurance (Emani) (Belgium). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of European Liability Insurance for the Nuclear Industry (ELINI) (Belgium). The outlook of these Credit Ratings (ratings) is stable.

AM Best will host an insurance market briefing on the state of Canada’s insurance industry at the Sheraton Centre Toronto Hotel on Thursday, Oct. 30, 2025.

Following more than a year of (re)insurers reporting under the new standard, and with the benefit provided by a full annual cycle of rating analysis, AM Best recently published a FAQ to provide clarification on its analytical approach for IFRS 17 reporters.

AM Best and Best’s Insurance Professional Resources will host a complimentary webinar titled “Trends in Insurance Panel Counsel” on Wednesday, November 12, 2025, at 2:00 pm ET. Register today.

After generating nearly $33 billion in underwriting gains in the most recent four-year period, the Managed Medicaid segment posted a $3 billion underwriting loss in 2024 due to rising utilization and declining enrollment. According to a new AM Best report, a return to profitability for this segment may take longer than expected given increased acuity and medical cost trends.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Jamestown Insurance Company Limited (Jamestown) (Bermuda). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.

AM Best will host a complimentary webinar, titled, “Confronting Legal System Abuse: Risks, Impacts and the Insurance Industry Response,” sponsored by Munich Re US, on Tuesday, Nov. 4, 2025, at 2:00 p.m. (EST). Register today.

The U.S. government shutdown has halted a key federal agency’s ability to renew existing flood insurance policies or even underwrite new coverage through the National Flood Insurance Program (NFIP), potentially affecting millions of homeowners as the Atlantic hurricane season enters its final weeks, according to the new AM Best report.

The economic environment across sub-Saharan Africa (SSA) has been challenging in recent years, though analysis in a new special report from AM Best shows that the region's reinsurers have been resilient amid these complexities.

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Fidelity Life Association, A Legal Reserve Life Insurance Company (Fidelity Life) (Des Plaines, IL). Fidelity Life is a wholly owned subsidiary of Vericity, Inc. (Vericity), which is ultimately owned by iA Financial Corporation Inc. (iA).

The October issue of Best’s Review examines the impact of autonomous cars, the growing role of insurtechs and the threat of “data poisoning”:

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Ecclesiastical Insurance Office plc (EIO) (United Kingdom). At the same time, AM Best has affirmed the Long-Term Issue Credit Rating of “bbb” (Good) on GBP 106,450,000, 8.625%, non-cumulative irredeemable preference shares issued by EIO. The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Performance Assessment of PA-2 (Excellent) of Excess Reinsurance Underwriters Inc. (Excess Re) (Woodbury, NJ). The outlook of the Performance Assessment (assessment) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of the operating subsidiaries of MGIC Investment Corporation [NYSE: MTG]. The operating subsidiaries are Mortgage Guaranty Insurance Corporation, MGIC Indemnity Corporation, and MGIC Assurance Corporation (collectively referred to as MGIC). All companies are domiciled in Milwaukee, WI. The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of Ascot Bermuda Limited (Ascot Bermuda) (Bermuda), as well as certain members of Ascot Group Limited (Ascot), collectively referred to as Ascot Insurance U.S. Group (Ascot U.S.). Concurrently, AM Best has affirmed the Long-Term Issue Credit Rating of “bbb+” (Good) on the USD 400 million, 4.25% fixed rate senior unsecured notes due 2030 and the USD 350 million, 6.349% fixed rate reset senior unsecured notes due 2035, issued by Ascot. The outlook of these Credit Ratings (ratings) is stable. (Please see below for a detailed list of companies and ratings.)

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of Zenith Insurance Company and ZNAT Insurance Company. The outlook of these Credit Ratings (ratings) is stable. These companies comprise Zenith National Insurance Group (Zenith) and are domiciled in Woodland Hills, CA.

AM Best is of the view that Brazil’s sweeping reforms in its insurance regulatory framework represents an institutional shift for the country’s insurance market, moving toward greater professionalism, consumer protection and international alignment.

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of the following subsidiaries of Group 1001 Insurance Holdings, LLC: Delaware Life Insurance Company and Clear Spring Life and Annuity Company (Wilmington, DE). These companies are referred to as the Group 1001 Life & Annuity Group. In addition, AM Best has revised the outlooks to positive from stable for the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Gainbridge Life Insurance Company (Gainbridge Life) (Wilmington, DE).

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Bahrain Kuwait Insurance Company B.S.C. (GIG Bahrain) and its subsidiary, Takaful International Company BSC (GIG Bahrain Takaful), both of which are domiciled in Bahrain. The outlook of these Credit Ratings (ratings) is stable.

AM Best has removed from under review with negative implications status and affirmed the Financial Strength Rating (FSR) of B++ (Good) and Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” (Good) of The Hand-in-Hand Mutual Fire Insurance Company Limited (HIHF) (Guyana). The outlook assigned to the Long-Term ICR is negative, while the outlook assigned to the FSR is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of Gulf Insurance Group K.S.C.P. (GIG) and Gulf Insurance and Reinsurance Company K.S.C. (Closed) (GIG-Kuwait) (both domiciled in Kuwait). The outlook of these Credit Ratings (ratings) is stable.

AM Best has upgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) to “aa” (Superior) from “aa-” (Superior) and affirmed the Financial Strength Rating of A+ (Superior) of AXA S.A. (AXA) (France) and its rated subsidiaries. AXA is the main operating holding company of the AXA group and operates as the group’s internal reinsurer. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed list of the companies.)

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” (Excellent) of Zavarovalnica Triglav d.d. (Triglav), the operating holding company of the Triglav group and Pozavarovalnica Triglav Re, d.d. (Triglav Re), a wholly owned subsidiary of Triglav. Both companies are domiciled in Slovenia. The outlook of these Credit Ratings (ratings) is stable.