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Saturday, November 18th, 2017

JCR-VIS revises IFS rating of The Crescent Star Insurance Company Limited

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Karachi: JCR-VIS Credit Rating Company Limited (JCR-VIS) has downgraded the Insurer Financial Strength (IFS) rating of The Crescent Star Insurance Company Limited (CSICL) from ‘BBB-’ (Triple B Minus) to ‘BB+’ (Double B Plus). The rating remains under ‘Rating Watch – Developing Status’ given the continuing shortfall in the company’s paid-up capital vis-à-vis minimum capital requirement.

Underwriting performance of the company has remained under pressure on account of constant decline in business volumes. Moreover, liquidity profile of CSICL has weakened on a timeline basis on account of consistent cash outflows from operating activities. Growth in business volumes is critical for sustainability of the company

For more information, contact:
Mr. Javed Callea
Advisor
JCR-VIS Credit Rating Company Limited
Tel: +9221 35311861 (10 lines) (Ext: 501)
Fax: +9221 35311872-3
E mail: javed.callea@jcrvis.com.pk

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