AM Best has maintained the under review with negative implications status for the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of 'a' (Excellent) of
These Credit Ratings (ratings) were placed under review with negative implications on
The ratings have been maintained under review with negative implications, as the transaction, which is subject to customary closing conditions, including regulatory and other approvals, is now expected to be completed by the end of
The under review with negative implications status reflects the need for AM Best to assess the impact of the planned acquisition on BNZ Life's credit fundamentals, including any potential rating drag that could arise from its change in ownership. In addition, AM Best will need to consider the planned integration of BNZ Life within the Partners Life group, any expected changes in strategy and any implicit or explicit support to be provided by the new parent.
The ratings will remain under review pending completion of the transaction and until AM Best can complete its assessment of BNZ Life's post-acquisition credit rating fundamentals.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper media use of Best's Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best's Credit Ratings and AM Best Rating Action Press Releases.
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