Vietnam’s BMI Ratings Placed Under Review With Negative Implications - AM Best

KUALA LUMPUR, April 24 (Bernama) -- AM Best has placed under review with negative implications the financial strength rating of B++ (Good), the long-term issuer credit rating of “bbb” (Good), and the Vietnam National Scale Rating (NSR) of aaa.VN (Exceptional) of Bao Minh Insurance Corporation (BMI).

The under review with negative implications status reflects concerns around BMI’s internal control environment and enterprise risk management following the occurrence of insider fraud, which may negatively impact its credit fundamentals, according to AM Best in a statement.

AM Best expects to resolve the under review status once it can assess the impact of these transactions on BMI’s credit fundamentals, alongside the effectiveness of remedial actions and risk management control measures.

A global credit rating agency, news publisher and data analytics provider, AM Best operates in over 100 countries with headquarters in the United States and regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.

-- BERNAMA