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Fitch Affirms Intact’s Ratings After RSA Acquisition; RSA Subsidiary Upgraded to ‘AA-‘ June 2, 2021
Fitch Ratings has affirmed the Insurer Financial Strength (IFS) ratings of Intact Financial Corp.’s insurance subsidiaries at ‘AA-‘ (very strong), after its acquisition of RSA Insurance Group. Fitch also upgraded the IFS of RSA’s operating subsidiary, Royal & Sun Alliance Plc, to ‘AA-‘ from ‘A+’.
Fitch affirmed Intact’s senior unsecured debt at ‘A-‘; preferred shares at ‘BBB’ and Issuer Default Ratings (IDR) at ‘A’ and RSA Group’s senior unsecured debt at ‘A-‘, subordinates notes at ‘BBB+’ and restricted tier 1 notes at ‘BBB-‘.
All ratings have a Stable Rating Outlook.
Fitch Ratings-Hong Kong/Shanghai-23 May 2021: Fitch Ratings has revised upward our assessment for China’s bank operating environment (OE), to ‘bbb-’/Positive from ‘bb+’/Stable, reflecting progress on financial reforms to curb systemic and contagion risks, as well as the country’s economic resilience during the Covid-19 pandemic. In line with this, we also upgraded Viability Ratings (VR) on .
Relief to Postpone Financial Stress from India’s Covid-19 Surge
There are growing indications that India’s latest wave of Covid-19 infections will add to risks among financial institutions (FIs) by sapping near-term momentum from the economic recovery, says Fitch Ratings. Measures announced by the Reserve Bank of India (RBI) on 5 May will provide some relief to FIs in the next 12-24 months, but largely at the expense of postponing the recognition and resolution of underlying asset-quality problems.
We expect the shock to economic activity from the latest wave of the pandemic in India to be less severe than in 2020, even though caseloads and fatalities are much higher. The authorities are implementing lockdowns more narrowly, and companies and individuals have adjusted behaviour in ways that cushion the effects.
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