KUALA LUMPUR, Aug 17 (Bernama) -- Global credit rating agency, AM Best has withdrawn the credit ratings of Malaysia’s Zhibao Labuan Reinsurance Company Limited (Zhibao Re), as the company has chosen not to participate in AM Best’s interactive rating process for the time being, in light of an investor transition.
AM Best in a statement said it has placed Zhibao Re’s financial strength rating of B+ (Good) and long-term issuer credit rating of “bbb-” (Good) under review with developing implications.
The status reflects the anticipated change in ownership at Zhibao Technology Inc (Zhibao Technology), Zhibao Re’s ultimate parent, following the announcement of a definitive Securities Purchase Agreement on July 31, under which Zhibao Technology agreed to issue new securities to a group of investors.
The transaction is expected to close in August 2026, subject to customary closing conditions and required regulatory and exchange approvals. Upon completion, the credit rating agency expects the new investors to obtain majority ownership and control of Zhibao Technology.
AM Best said the under review with developing implications status reflects uncertainties in Zhibao Re’s strategic role, the financial condition of the new investors, as well as the parental influence of Zhibao Technology on Zhibao Re.
-- BERNAMA
BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.
Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial
