A.M. Best Affirms the Ratings on Industrial Alliance and Its Subsidiary and Assigns a Positive Outlook
2007年6月1日 - 12:06AM
ビジネスワイヤ(英語)
A.M. Best Co. has affirmed the financial strength rating (FSR) of A
(Excellent) and issuer credit ratings (ICR) of �a+� of Industrial
Alliance Insurance and Financial Services Inc. (IA) (Quebec)
[TSX:IAG] and its subsidiary, Industrial-Alliance Pacific Life
Insurance Company (IAP) (Vancouver, British Columbia). A.M. Best
has also affirmed the debt ratings of IA. The outlook for all
ratings is being revised to positive from stable. (See below for a
detailed listing of the companies and ratings.) The ratings of IA
and IAP reflect their improved profitability and increased assets
under management and administration while maintaining a strong
growth in capital. Much of this asset growth has been due to the
acquisitions IA has made and their successful integration. In
addition, the overall level of debt remains modest, while the
coverage ratio has improved. With the acquisition of Clarington
Corporation Inc. at the end of 2005, IA became a sizeable player in
the investment fund market. At the end of 2006, IA managed $6.3
billion in mutual funds in the retail market and $6.0 billion in
segregated funds, placing IA among the top 20 investment fund
managers in Canada for the retail market and among the top 10 for
the independent advisors channel. This diversification has enabled
IA to increase assets under management, lower fixed costs, expand
geographically and increase fee income. Partially offsetting these
positive rating factors are the challenges IA faces in growing its
insurance and asset management business in the competitive Canadian
market while maintaining a strong risk-adjusted capital position.
Despite its significant growth, IA still maintains a Quebec
concentrated operating profile. The following debt ratings have
been affirmed: Industrial Alliance Insurance and Financial Services
Inc.� -- �bbb+� on CAD 125 million 4.60% non-cumulative perpetual
preferred shares Series B -- �a-� on CAD 150 million 5.13%
subordinated debentures, due 2019 Industrial Alliance Capital Trust
� -- �bbb+� on CAD 150 million trust securities Series A, due 2053
The following indicative ratings on securities available under
shelf registration have been affirmed: Industrial Alliance
Insurance and Financial Services Inc.� -- �a� on senior unsecured
debt -- �a-� on subordinated debt -- �bbb+� on preferred shares
Founded in 1899, A.M. Best Company is a full-service credit rating
organization dedicated to serving the financial services
industries, including the banking and insurance sectors. For more
information, visit www.ambest.com.
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