QBE's credit outlook revised to stable
AM Best says move follows series of capital actions to reduce the group’s financial leverage.
AM Best has revised QBE's outlook from negative to stable, and affirmed that the issuer credit ratings were now "A" for QBE Insurance Europe which operates within the UK.
According to AM Best, the new ratings reflected its opinion that QBE's consolidated risk-adjusted capitalisation has been restored to a strong level, following a series of capital actions including the raising of equity, refinancing of debt and sale of non-core assets.
The ratings experts added that it is unlikely that QBE's outlook will be revised to positive in the near future.
AM Best stated: "The stabilisation of QBE's performance, risk-adjusted capitalisation and financial leverage at a strong level could result in upward movement of the ratings longer term.
"Negative rating actions could follow material deterioration in operating performance, risk-adjusted capitalisation or financial flexibility."
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