JCR-VIS Credit Rating Company Ltd has upgraded the Insurer Financial Strength rating of East West Insurance Company Limited from 'BB' (Double B) to 'BBB+' (Triple B Plus). Outlook on the ratings is 'Stable'.
The upgrade takes into account the efforts made by management and sponsors to strengthen the company both operationally and financially. Significant steps have been taken to improve cash management by restricting the funds' deployment in branches and substantially improving the quality of the company's investment portfolio by reducing the level of concentration and deploying funds in higher yielding securities. The sponsors' decision to further improve the level of capitalisation will also improve the company's risk taking capacity.
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